The Goods and Services Tax is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self-assessed his tax liability, the concept of Audit have been incorporated under GST. This involves examination of records, returns and other documents maintained by a GST registered person.

Since GST Audit is the last activity to be done by the tax payers for the financial year 2017-18, this Technical Guide on GST Audit is a written document/attempt to create awareness among the trade/ industry and more importantly among the members to discharge their professional duties. Further, they would be drawing up reconciliation statement as required under Section 44(2) of CGST Act, 2017 in Form GSTR-9C reconciling the figures of the annual return in Form GSTR-9 with the Audited Annual Accounts and certifying the same for those having aggregate turnover over 2 Crores.

An attempt has been made in this guide to cover the areas that are related to the basic principles, policies and special issues pertaining to conduct of a Goods and Services Tax Audit/Certification. This guide may not contain answers to all the problems that may arise in the day-to-day audit work still we tried to cover issues came in our knowledge and in the course of discussion. If something is not covered here in such cases, the GST auditor may have to apply his mind judiciously, keeping in view the intent behind the law, principles and policies.

Download Technical Guide on GST Audit : Book by ICAI Click here

The Board’s Report is an important means of communication by the Board of Directors of a company with its stakeholders. The Board’s Report provides the stakeholders with both financial and non-financial information, including the performance and prospects of the company, relevant changes in the management and capital structure, recommendations as to the distribution of profits, future and on-going programmes of expansion, modernisation and diversification, capitalisation of reserves, further issue of capital and other relevant information.

The Companies Act 2013, mandates certain disclosures to be made in the Board’s Report, additionally, a listed company is required to comply with disclosures requirement stated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

To promote uniformity of disclosures in the Board’s Report, the “Secretarial Standard on Report of the Board of Directors” (SS-4), was issued by the Institute of Company Secretaries of India (ICSI), effective from 1^st October, 2018 for recommendatory observance.

This Guidance Note on Report of the Board of Directors issued by the ICSI, sets out the explanations, procedures and practical aspects in respect of the provisions contained in SS-4 to facilitate compliance thereof by the stakeholders.

Download ICSI Guidance Note on Report of Board of Directors (Direct Link) Click here

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Related Party Transactions, Download ICSI guidance Note on Related Party Transactions, What is Related Party Transactions,

Background material on GST Acts and Rules, 16- April, 2019 (Seventh Edition March 2019 )

• Volume-I Click here
• Volume-II Click here

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