CBIC develops System for Online Monitoring of GST Audits

For effective audit process supervision, the Central Board of Indirect Taxes and Customs (CBIC) has established a system for online monitoring of GST audits launched by tax officers across the nation.

The tax authority began GST audits earlier this year and views them as an efficient tool for guaranteeing the accuracy of tax filings, but it does not want officers to go too far.

A dashboard and a web-based instrument for tracking the progress of audits from beginning to finish have been established, according to an update posted on the CBIC website. The meeting of audit commission rates from throughout the nation was conducted earlier this month. After granting extra time for filing yearly returns during the covid period, the CBIC’s audit of GST filings has gained steam.

It has also loosened requirements for small enterprises’ yearly reports and reconciliation statements. The significance of the tax authority’s online audit monitoring stems from its desire to prevent revenue loss while preventing the audit process from becoming onerous for taxpayers.

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