Frequently Asked Questions

1. Who is the person responsible to make assessment of taxes payable under the Act?

Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return required under section 39. Self-assessment will be the norm under GST.

2. Under what circumstances can a tax officer initiate Summary Assessment?

As per section 64 of CGST/SGST Act, Summary Assessments can be initiated to protect the interest of revenue when:
a) the proper officer has evidence that a taxable person has incurred a liability to pay tax under the Act, and
b) the proper officer believes that delay in passing an assessment order will adversely affect the interest of revenue.

3. What if Audit (Departmental / Compulsory audit by CA) is already conducted or being conducted?

This audit will be in addition to the audit already conducted under any other statue. Section 66(3) overrides provisions of any audit conducted under this act or any other law.

4. What is audit checklist?

An internal audit checklist is an invaluable tool for comparing a business’s practices and processes to the requirements set out by ISO standards. The internal audit checklist contains everything needed to complete an internal audit accurately and efficiently.

5. What are the auditors responsibilities?

The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud.