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Mastering GST Audits: Enhancing Compliance, Innovation, and Governance

Author : J Muralidharan and M Gowthaman

Abstract :

GST audit is a strong tool in financial management and tax compliance within the framework of the Goods and Services Tax (GST). This article discusses the concept, applicability, and procedural requirements of GST audits with focus on avoiding errors, avoiding fraud, and transparency. It discusses the major compliance requirements, i.e., turnover limits and documentation, and differentiates between statutory, departmental, and special audits. Further, the article offers real-life advice to companies to prepare well, stay penalty-free, and practice good fiscal sense. By balancing regulatory requirements and economic governance best practices, well-performed GST audit not only ensures legal compliance but also builds business credibility and improves operational efficiency.

Keywords :

GST-Goods and Services Tax, Penalty.