GST COMPLIANCE IN STATUTORY BANK BRANCH AUDIT
Bank Transactions under GST are pretty critical and complex as Banking Operations involves a variety of transactions like issuing cheques / Drafts / cards / issue process, ATM operations, credit wing, securities, letter of credit, net banking, cash backs and reward points, loans and advances, deposits, point of sale transactions, etc.
Banks and NBFCs also involve in different nature and volume of other services such as lease transactions, hire purchase, actionable claims, fund and non-fund based services etc.
Banks generally have multiple branches on pan India basis and each one is unique in its own nature of supplies, the transaction flow, types of customers & their unique requirements apart from various statutory obligations and local requirements, overly burdened banking sector with complexity of compliance and voluminous tax accounting records and returns filling, reconciliation and audit requirements.
WHETHER STATUTORY BANK BRANCH AUDITOR IS LIABLE TO AUDIT COMPLIANCE OF GST DURING THE YEAR?
Since it is a statutory audit and therefore, the auditor is duty bound to check the compliance related to GST and also to report if there is material non-compliance in relation to the GST. If the amount is material, then auditor need to issue the MOC also in relation to non-compliance.
You May Also Refer:
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- Webinar on International Opportunities for Professionals
- Goods detained released on giving Bank Guarantee: HC
- GST applicability on Maintenance charges paid in Apartments/RWA’s
- GST Charcha Seizure of Goods appealable or not
- Remuneration paid to directors attracts GST & COVID-19 GST Impact
- GST Tech advisory on Opting of GST Composition Scheme in FY 2020-21
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