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Tuesday, July 17, 2018

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  latest news heading 12 Jul, 2014 E-filing facility for tax returns suspended Amendment in Tax Audit report Form 3CD E-filing .....  
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Service Tax > Audit / Pre-Audit Services Under Central Excise & Services Tax Audit

sales tax

In conventional sense, Audit means scrutiny and verification of documents, events and processes in order to verify facts and draw conclusions regarding the correctness of recording of facts and the efficiency of a system under study.

For Central Excise purpose Audit means scrutiny of the records of assessee and verification of the actual process of manufacturing of goods, classification of goods, correct valuation, proper use of exemption notifications, export of goods, payment of duty, remission of duty etc. with a view to check whether the assessee is paying the Central Excise duty correctly and following the prescribed procedures.

For Service Tax purpose Audit means scrutiny of the records of assessee and verification of the actual provision of services, realization of sale proceeds, correct classification, timely discharge of tax liability, timely submission of returns / information etc. with a view to check whether the assessee is paying the Service Tax correctly and following the prescribed procedures.

For Cenvat Credit purpose Audit means scrutiny of the records of assessee and verification of the receipt of Capital Goods, Inputs, Input Services, accounting, availing, utilizing, reversing etc. of credit. Refund of cenvat credit in case of export, optimum cenvat credit in case Exempted and Non Exempted Goods are manufactured / Services are provided.

Under the conventional / traditional system of Central Excise Audit / Service Tax Audit, Audit Parties of the Department visit assessee's unit / premises. Their main focus is to check compliance of procedures and also leakage of revenue.

Audit exercise done by the departmental officers is generally called as CERA (Central Excise Revenue Audit) or EA-2000.

'FIRE PREVENTION' IS BETTER THAN 'FIRE FIGHTING'.

Our experience shows that if a periodical Central Excise Audit / Service Tax Audit (with Cenvat Audit) is carried out by the internal auditors, the management will be able to realize the areas of wrong payment of central excise or service tax or wrong availment of cenvat credit and also take corrective action immediately.

Simultaneously, if a unit gets its Central Excise / Service Tax records and documents audited before departmental audit, that unit can face the departmental auditors with more confidence and claim that its records are clean. We call this exercise as pre-audit service.

In the course of Internal Audit, the auditor keeps its focus from both prospective i.e. the approach of the revenue (departmental) auditors from revenue leakage prospective and correct payment of duties and taxes while getting all the benefits available in the statue upto the optimum level.

It has been observed that in sometimes, the units are paying more taxes / duties ignorantly or due to wrong impression of certain provisions of the law. On the other side, some units do not avail / utilize the full eligible cenvat credit either on the Capital goods or inputs or input services.

Even large units having advanced accounting and inventory software may lack in compliance of Central Excise / Service Tax and Cenvat Credit to the optimum level due to complexity of the provision of the acts and rules made thereunder.

sales tax

Therefore, a unit should gets its Excise Records / Cenvat Credit Records / Service Tax records audited / checked by experts to ensure the unit is discharging its excise duty / service duty liability correctly while making optimum tax planning.

What Rajput Consultancy Services Private Limited Offers

Rajput Consultancy Services Private Limited provides total Solutions under one roof to its clients in relation to audit / pre-audit services under central excise & services tax audit.

 
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We are the exclusive member in India of the Association of International Tax Consultants, an association of independent professional firms represented throughout Europe, US, Canada, South Africa, Australia and Asia.
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