One of our client (Trader) had GST Department Audit yesterday
A few points I noticed (Thread)
1. They came with a list of mismatch with books & 2A (books input that was sent by us)
They came up with a mismatch of 53 lakhs worth of Input (When reconciled with 2A ..
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.. 2A online we found there was no such mismatch and they were shocked as on their end it was not showing these bills in 2A)
They were shocked but I had experience of #GSTN portal, all thanks to #Infosys
One point of SCN was cancelled
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2. This Audit came to this client because of 3 factors:
- Inward E-Way bills were reduced to almost Nil as the client Godown was in the same Godowns Area requiring no motor vehicle to transport goods from purchaser to their premises
- There was reversal of 1 crore + due..
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- due to clerical mistake in previous month return..
- Third was short payment in return
3. Coming to short payment, they said while offsetting the reversal amount in 3B, you have not made payment of 3 lakhs which was accepted by GSTN ( I just had this much belief that..
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that GSTN itna galat to nahi ho sakta)
I just had to prove that to them..
4. We had made provision of GST Filing fees in the head “Legal & Professional Expenses”
To this they said show that bill which proves he is not a lawyer 🤦🏻
5. Then they came to Directors Remuneration. They wanted to prove that it is in the nature of salary and whether he has taken home payment monthly just like everyone’s salary or provide Form 16 (No TDS)
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They said Director should prove that it is Salary like every month it should take that particular salary home..
I believe if Director in Pvt Ltd is having other businesses and meeting his expenses from that source he would keep those funds invested in Company for business
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6. They said for every bill Bilty needs to be there (even if having Vehicle No in E-way bill)
There are instances where bilty are not generated due to smaller vehicle or individual transporter
Thoughts shared by a Senior Chartered Accountant yesterday
The work is slipping out of hands like sand but inaction is at its height.
What an irony that the motto of our ICAI is ‘Ya Aeshu Suptaeshu Jagruti’ which means ‘a person who is awake in those that sleeps’ but..
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but it seems that what is happening is just opposite to it.
In last few years we have been witnessing continuous dent in the traditional practice work. Be it reduction in bank statutory audit work or increase in tax audit limit or introduction of faceless schemes and..
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and at last the removal of requirement of GST audit.
And now encouraged with no/bleek objection from ICAI, the Government seems to be thinking of doing away with audit of companies of certain categories.
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After the attacks of September 11, a company that had its offices at the World Trade Center invited its executives and employees who had for some reason survived the attack to share their experiences.
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People were alive for the smallest reasons were small details like these:
- The director of a company was late because it was his son's first kindergarten day;
- A woman was delayed because her alarm clock didn't ring in time;
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- One was late because he was stuck on the road where there was an accident
- Another survivor missed the bus
- Someone threw food on themselves and needed the time to change
- One had a problem with his car, which did not start
Gesture of Modesty shown by some great personalities (Thread 👇)
1. Cricketer Rahul Dravid was given Doctorate by Bangalore University, Rahul Dravid returned it. Not only did he return, he also gave a wonderful speech, he said-
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he said - My wife is a doctor, she spent many sleepless nights and days to get this title.
My mother is an arts professor, she waited fifty long years for this degree. I have worked hard to play cricket, but I have not studied that much, so how do I not have this degree?
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2. Einstein was invited by the Israeli government to become the country's prime minister in 1952 Einstein humbly said-I am a noob student of physics. What do I understand of state governance?
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