The Jammu and Kashmir Branch of Northern India Regional Council of Institute of Chartered Accountants of India (ICAI) recently organized a seminar on assessment procedure and protocols departmental audit under Goods and Services Tax (GST) Act under the norms permitted by ICAI. CA Suresh Kumar Malhotra was the Guest speaker in the seminar; he gave a detailed overview of several assessment procedures under the new tax regime, GST Act. He also deliberated on the protocols of the departmental audits and also addressed to all related queries raised by the members on the subject matter.
Further, he communicated with the enthusiasts and said that the Commissioner of GST in par with the current laws could order an investigation warrant against the registered taxpayers whose annual turnover is more than 10 crores. So, it is excepted that very soon GST officers will be visiting such taxpayers/businesses registered under GST for the intentions of conducting the audit. “However the audit of the Taxpayers having turnover not more than 10 crores shall be conducted in the department’s office,” he added.
It was further directed that all the Chartered Accountants (CA) should acknowledge their respective clients/taxpayers/businesses and the general public to file their annual returns (GSTR 9) on time so that they (taxpayers/businesses) do not have to face the penalties or taxman’s investigation. And, it is convenient for the Chartered Accountants to acquit a GST audit and provide Form GSTR 9C before to the last date of submission.
Next, it was the technical session in which CA Sanchit Gupta elucidated the attendees with all the needed details on the new professional code of ethics of the Institute of Chartered Accountants of India (ICAI).
Then, ICAI Chairman CA Shalay Razdan eased up a warm welcome to all the guest speakers present in the seminar and also gave his views on problems faced by India’s new Union Territory (Jammu and Kashmir) in filing the annual returns. Internet connectivity is one of the major hurdles for the J&K natives to willingly or unwillingly ignore the annual returns filing, reconciliations and audits. Considering the persisting scenario, he also requested the administration to extend the due dates of GSTR 9 and GSTR 9C annual return filing for Jammu and Kashmir.
CA Nakul Saraf, ICAI Branch Secretary, addressed his views related to the struggle faced by the members in terms of GSTR 9 and GSTR 9C filing and simultaneously he gave his contribution to the proceedings of the seminar and finally, the seminar ended with a formal vote of thanks by ICAI branch Vice Chairman CA Lalit Kumar Gupta.