JAMMU, Jan 28: The Jammu and Kashmir Branch of NIRC of the Institute of Chartered Accountants of India (ICAI) organized a seminar on assessment procedure, departmental audit under Goods and Services Tax (GST) Act and new professional code of ethics of ICAI.

CA Suresh Kumar Malhotra was the Guest speaker who gave a detailed overview on various assessment procedures under GST Act. He also deliberated on the departmental audit and addressed various queries raised by the members on the subject matter.
Further he said that the Commissioner of GST could order the audit of the registered tax payer with turnover exceeding 10 crores in the premises of registered tax payers. So very soon we may find GST officers are visiting the tax payers registered under GST for the purposes of conducting the audit. “However the audit of the Tax payers having turnover not more than 10 crores shall be conducted in the department’s office,” he added.

It was discussed that Chartered Accountants (CAs) should also guide and educate their clients and general public to get their annual returns filed in form GSTR 9 so as to enable the CA’s to conduct the GST Audits (GSTR 9C) before the due date of 31st January 2020.

It was also discussed to educate the clients about the importance of GST Annual Returns that should be filed correctly, otherwise assesses may face various hardships.

In the second technical session, CA Sanchit Gupta gave an overview of new professional code of ethics of the ICAI.

CA Shalay Razdan, Chairman of ICAI welcomed the guest speakers and said the tax payers and professionals across the UT of Jammu and Kashmir are facing problems due to limited internet connectivity while filing of GST annual return, conducting audit and reconciliations.

He requested the government for extension of due date for filing GSTR 9 and 9C for Jammu and Kashmir.

CA Nakul Saraf, Secretary of the branch conducted proceedings of the seminar and also addressed the issues of the members pertaining to GSTR 9 and GSTR 9C while CA Lalit Kumar Gupta, Vice Chairman of the branch presented formal vote of thanks.

 

SOURCE: DAILYEXCELSIOR.COM