What is a VAT audit and how a tax payer will be selected for audit?
Statutory provisions for VAT audit are available in sections 69, 70 and 71 of the Bill. These provisions are to be read with section 54. VAT audit is thus an examination of the records and accounts of a registered person for ascertaining the accuracy of the tax liabilities and other obligations discharged by such person. Detailed audit-related procedures shall be given in VAT Rules coming risk-based audit selection criteria.
