by Audit Analyst | Jan 2, 2026 | GST
General Penalty Provisions Penalties imposed under Section 122 to 138 of the CGST Act Applicable for contraventions like non-registration, evasion, incorrect returns Penalty can be a fixed amount or a percentage of tax involved Both monetary and prosecution penalties...
by Audit Analyst | Jan 2, 2026 | GST
Definition and Objective GST audit is an examination of records, returns, and documents of a registered person It ensures correctness of turnover declared, taxes paid, and ITC claimed The audit verifies compliance with GST provisions and accuracy of disclosures...
by Audit Analyst | Jan 2, 2026 | GST
Simplified Taxation GST replaces VAT, CST, and local entry taxes for wholesalers Uniformity across states reduces inter-state tax arbitrage Enables seamless interstate transactions without separate forms Encourages expansion of wholesale networks across regions...
by Audit Analyst | Jan 2, 2026 | GST
Unified Tax Structure GST replaces excise duty, VAT, CST, service tax, and entry tax Creates a single tax regime for manufacturers across India Eliminates cascading effect of multiple taxes on the same product Simplifies tax calculation across raw materials and...
by Audit Analyst | Jan 2, 2026 | GST
Supplies to SEZ Supplies from DTA to SEZ units or developers are treated as zero-rated Supplier can export under LUT without paying IGST or pay IGST and claim refund Goods or services must be used for authorized operations of SEZ Invoice must clearly mention supply to...
