Company Secretary on GST Audit
PUDHUVAI53
What is GST Audit and what is its scope ? Model GST Law has ignored completely CS for the reasons unknown to me.
The GST law drafting committee/officials, as usual, have recognized only CAs and CMAs for GST Audit and Special Audit without considering to include CS( Company Secretaries) under Section 42(4) and Section 50(1) &(2) of the Model GST Law. I think, strong resistance/opposition from others or unwillingness to allow new entrant into this field or adoption of the traditional approach in drafting with such old concept or little awareness about CS Profession or poor representation made to impress/convince the law drafting authority may be the main causes for such omission to recognize CS.
Under the present scenario, all the three Professionals (CA, CS, CMA) must be given an equal opportunity for level playing under GST law in the matter of registration, efiling of Returns & Forms, GST audit, spl audit etc for better tax compliance. It is the need of hour. It will create self employment to thousands and thousands of young qualified CS professionals in future even in small towns. The registered tax payer will also get an ample opportunity to select among the 3 professionals at the best of his wide choice after considering the competency and capability for utilizing services. It will ensure a healthy and fair competition among the 3 professionals.
GST Audit is neither audit of Financial Statement of accounts by CAs to ascertain profit/loss or asset & liabilities nor Cost Statement audit by CMAs for certain products of manufacturing companies. If the annual accounts get audited under any other law (say Cos. Act or I T Act or certain special laws ), the same audited Financial Statement of annual accounts has to be accepted and relied upon it and no accounts shall be audited twice or prepared twice.
GST audit is verification and preparation
of a reconciliation statement for the value declared in the return with
reference to statutory records maintained under the GST Act and audited
accounts books such as sales register, purchase register, ledger , detailed four col. TB etc. We can do it, you know.
The GST audit(the
meaning u/s.2(14)) is (i) to access compliance with the Act & Rules , (ii)
to verify correctness of tax payment, refund claims, input tax credit availed,
turnover declared and (iii) to examine ( statutory) records, returns and other
documents maintained under this Act
& Rules or any other law.
. In this context, GST Audit is an audit (verification) of compliance of GST Act & Rules(CGST,SGST,IGST) including tax payment, refund/ short fall, input tax credit and also maintenance of statutory registers, records , tax invoices, Returns and Forms filed ,accounts book etc with reference to purchases, sales, sales returns, stock, rebate, production etc. So, the GST (Compliance) Audit Report in prescribed format can be obtained from a Company Secretary (CS) also. The same explanation/justification is equally applicable to Special Audit under Section50 (1) & (2) of the Model GST law.
The Company Secretary profession is related to
finance, accounts, taxation,secretarial and legal. They do secretarial audit,compliance audit,internal audit, due diligence audit etc. Professional work is nothing but an audit work for any certification, attestation, authentication or report.Then why the Govt is neglecting CS in tax matter.
Your views are solicited.You can also communicate it to my email.
CS K VENGETRAO
Practicing Company Secretary
Cell:9840112546
lingala subbareddy
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Manoj Mishra
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[Message clipped]
Mabu Basha
ICSI should take proper & prompt steps to represent before the
Ministry of Finance, members of CS are competent enough to conduct the
GST Audit.
Regards
Basha
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Utkarsh Gaur
Venkat Ragavan
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Shiva Kumar BG
All should also recommend/suggest ICSI to updates the study syllabus of ICSI by introducing audit & make Tax laws as 2 separate papers like Direct Tax law & Indirect tax laws, so that we should not lose the case in court of law if ICAI go to court.
Deepak Sadhu
Why court when CA and CWA can file ROC forms or perform incorporation why can't CS perform gst or tax audit. Think about it
Regards
CS Deepak Sadhu
DEEPAK SADHU & Co,
Company Secretaries
Bangalore
M: 98860 - 96664 / 88843 - 11947
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