India Inc is set to face first ever tax audit under the goods and services tax (GST) regime. The GST authorities have begun issuing notices for the tax audit exercise, which involves detailed scrutiny of the accounts and records for FY18.
Tax authorities have issued notices seeking audit of accounts and records from July 2017 till March 2018, the first year of GST implementation. India had rolled out GST, subsuming multiple state and central taxes, from July 1, 2017.
“The notices are being issued for the first time, and taxpayers are being asked to furnish detailed records of GST forms, income tax papers, input service invoices, electronic cash/credit ledger and business agreements, among others.”