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Details Required for GST Input Tax Credit Audit
- GSTIN number
- GST log in
- GST password
What is GST Input Tax Credit
Input Tax Credit is also known as ITC which is a tax that a business pays for purchase and when the sales are made it can be used to reduce tax liability. On any purchase, the business can decrease there tax liability by claiming credit.
What is Profit of GST Input Tax Credit Audit?
- Any sort of shortcoming or leakages can be found.
- You will have the entire clear picture of the business.
- Any deviation with laws can be rectified and corrected.
- Tax will be paid under reverse charge.
Documents Required for Input Tax Audit?
- Invoice issued by the supplier of goods/services.
- The debit note issued by the supplier to the recipient (if any)
- Bill of entry
- An invoice issued under certain circumstances like the bill of supply issued instead of tax invoice if the amount is less than Rs 200 or in situations where the reverse charge is applicable as per GST law.
- An invoice or credit note issued by the Input Service Distributor(ISD) as per the invoice rules under GST.
- A bill of supply issued by the supplier of goods and services or both.
Why Choose LegalDocs for GST Input Tax Audit?
LegalDocs will help you to get the entire procedure done in a few simple steps as well as our expertise will provide guidance regarding GST Input Tax Audit.
Terms and Condition of Free Input Tax Audit
The following are the conditions of Free Input Tax Audit:
- The registered taxable person should be in possession of taxpaying document issued by the supplier.
- The taxable person must have received the goods /services.
- The taxable person should have furnished the return.
- The tax charged on such supply has been paid to government either in cash or through utilization of input tax credit.
