STARTUP GST Compliance Services in Ariyalur, Tamil Nadu

FinTax Startup Consultant - India's Leading STARTUP GST Consultant - Serve PAN India. Call us for Free Consultation @ +91-7210000745. Our GST Compliances Services covers - GST Return Filing, GST Audit, GST Transaction Checkup, e-way advisory services. Goods and Services Tax in India

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QUESTIONNARE FOR REVIEW OF INTERNAL CONTROL SYSTEM AND WALK THROUGH. PURCHASES –

INWARD SUPPLIES

1. Whether all purchases are centralised or de-centralised. If all purchases are authorised by few key persons like owner or Managing Director etc, it may require in-depth study of purchases.

2. Whether all the purchases are made only by issue of purchase order and whether different series of purchase order are issued. Also, the issuance of series of purchase order is centralised in the purchase section. Are there any cases where purchases have been made without issue of purchase order?

3. Whether there is a system of authorised Vendor List. If not, what is the system of approving particular vendor? Are there instances where substantial purchases have been made through unauthorised vendors?

4. Whether rejected inward supplies are stored separately. What is the system of accounting for the rejected inward supplies/short quantity?

5. Whether for purchase returns, debit notes are issued?

6. Whether for rejected inward supplies any set procedure is followed.

7. At what stage ITC is availed, i.e. either before testing for rejection or after testing for rejection?

8. On the inward supplies rejected or short quantity received, whether the ITC reversal is done on each invoice basis or on monthly basis.

9. Whether any item supplied free of cost by the customer.

OUTWARD SUPPLIES

1. What is marketing pattern - is it through depot, stockist, C&F agent related person or directly by the registered person?

2. How many series of outward supply /GST invoices are generated? For example, there can be different series for outward supplies, export supplies, scrap, other items and job work. 79

3. Whether all different series of invoices of out ward supplies are entered in one outward supply account or in different outward supply account.

4. Who authorises for despatch of outward supplies?

5. Whether any charges for erection/commissioning collected?

6. Whether Tax invoices are issued for composite supply of both goods and erection & Commissioning (which involves applicability of rate of tax of principal supply, viz., goods)?

7. Whether any materials supplied to the recipients at free of cost?

8. Any amount for marketing expenses, Advertisement, Royalty, Handling Charges, Packing Charges, Warranty, after sales service and Insurance received from recipient in any manner?

9. Whether commercial invoices and outward supply invoices (Tax Invoices under GST) are same or different?

10. Who is authorised to fix the price of outward supplies and whether any printed price circulars are issued?

11. Who is authorised to make supplementary outward supply invoices or debit note for price variation/additional recoveries (advertisement, after sales service, additional packing, insurance, freight, depot charges)?

12. Whether outward supply figures mentioned in GSTR1 are tallying with the records maintained by the registered person?

13. Whether any goods were received for repair etc. on return by the recipients?

14. Types of discounts given and how are they accounted for in relevant records.

15. Whether recipients’ accounts are debited with the net amount of invoice or gross amount?

STORES

1. Whether receipt in the stores record are shown only after inspection of inward supplies or before inspection.

2. What is the frequency of stock taking of all the items? How difference is accounted for and what reports are prepared.

3. What is the frequency of physical inventory for high value items (A category in ABC analysis) whether a report is prepared for stock verification and put-up to management and what is the frequency of reporting?

4. For inward supplies covered by insurance claim what is the procedure for filing the claim. Whether such inward supplies are entered in the store register or these are shown in separate account. Whether any register or report is prepared for all such claims. 80

5. What are the records maintained for inward supplies sent out for Job Work? Whether scrap is received back or job work price is adjusted.

6. How the defective/ damaged inward supplies are reflected in the books of accounts?

TAX ACCOUNTING

1. Whether GST paid on inward supplies are shown separately in purchase account?

2. Whether all inward supply invoices are entered for full value and thereafter for rejected/stock quantity, credit note or sales return invoice is prepared.

3. Whether GST payable on outward supplies made and shown separately in outward supply account?

4. In case of capital goods whether full value including GST is debited in the books or net value is shown in the capital goods account.

5. In case of capital goods fully written off whether GST deducted from such expenditure account or not?

6. What is the system to check GST liability (payment through Electronic Cash ledger / Electronic Credit Ledger) as shown in the financial records with the GST records? Whether any reconciliation is made for the differences?

JOB WORK

1. Whether any input/output ratio has been determined for sending the input for job work.

2. What are the records maintained for sending inputs for job work (either directly from the supplier of inputs/ from the place of business of the registered person) and whether the records show quantity of inputs sent, quantity of final product to be received, actually received and variation?

3. Whether any monthly or periodic statements are prepared for each job work and at what level the statements are verified for taking corrective action?

4. What is the system of treatment of scrap generated at job worker? Whether it is brought back to the registered person’s premises or allowed to be disposed off by job worker?

5. Whether the finished goods after job-work are being supplied from job-worker’s premises.

6. When the finished goods are not received back from the job worker in time (180 days), what action is taken by the company and what accounting treatment is done for the same? 81

7. Whether the processed inward supplies after conversion into outward supplies are sold by the principal directly from the premises of Job-worker?

8. Whether outward supplies are made after transferring the same to any other place from the job-worker’s premises? 

QUESTIONNARE FOR REVIEW OF INTERNAL CONTROL SYSTEM AND WALK THROUGH. PURCHASES –

INWARD SUPPLIES

1. Whether all purchases are centralised or de-centralised. If all purchases are authorised by few key persons like owner or Managing Director etc, it may require in-depth study of purchases.

2. Whether all the purchases are made only by issue of purchase order and whether different series of purchase order are issued. Also, the issuance of series of purchase order is centralised in the purchase section. Are there any cases where purchases have been made without issue of purchase order?

3. Whether there is a system of authorised Vendor List. If not, what is the system of approving particular vendor? Are there instances where substantial purchases have been made through unauthorised vendors?

4. Whether rejected inward supplies are stored separately. What is the system of accounting for the rejected inward supplies/short quantity?

5. Whether for purchase returns, debit notes are issued?

6. Whether for rejected inward supplies any set procedure is followed.

7. At what stage ITC is availed, i.e. either before testing for rejection or after testing for rejection?

8. On the inward supplies rejected or short quantity received, whether the ITC reversal is done on each invoice basis or on monthly basis.

9. Whether any item supplied free of cost by the customer.

OUTWARD SUPPLIES

1. What is marketing pattern - is it through depot, stockist, C&F agent related person or directly by the registered person?

2. How many series of outward supply /GST invoices are generated? For example, there can be different series for outward supplies, export supplies, scrap, other items and job work. 79

3. Whether all different series of invoices of out ward supplies are entered in one outward supply account or in different outward supply account.

4. Who authorises for despatch of outward supplies?

5. Whether any charges for erection/commissioning collected?

6. Whether Tax invoices are issued for composite supply of both goods and erection & Commissioning (which involves applicability of rate of tax of principal supply, viz., goods)?

7. Whether any materials supplied to the recipients at free of cost?

8. Any amount for marketing expenses, Advertisement, Royalty, Handling Charges, Packing Charges, Warranty, after sales service and Insurance received from recipient in any manner?

9. Whether commercial invoices and outward supply invoices (Tax Invoices under GST) are same or different?

10. Who is authorised to fix the price of outward supplies and whether any printed price circulars are issued?

11. Who is authorised to make supplementary outward supply invoices or debit note for price variation/additional recoveries (advertisement, after sales service, additional packing, insurance, freight, depot charges)?

12. Whether outward supply figures mentioned in GSTR1 are tallying with the records maintained by the registered person?

13. Whether any goods were received for repair etc. on return by the recipients?

14. Types of discounts given and how are they accounted for in relevant records.

15. Whether recipients’ accounts are debited with the net amount of invoice or gross amount?

STORES

1. Whether receipt in the stores record are shown only after inspection of inward supplies or before inspection.

2. What is the frequency of stock taking of all the items? How difference is accounted for and what reports are prepared.

3. What is the frequency of physical inventory for high value items (A category in ABC analysis) whether a report is prepared for stock verification and put-up to management and what is the frequency of reporting?

4. For inward supplies covered by insurance claim what is the procedure for filing the claim. Whether such inward supplies are entered in the store register or these are shown in separate account. Whether any register or report is prepared for all such claims. 80

5. What are the records maintained for inward supplies sent out for Job Work? Whether scrap is received back or job work price is adjusted.

6. How the defective/ damaged inward supplies are reflected in the books of accounts?

TAX ACCOUNTING

1. Whether GST paid on inward supplies are shown separately in purchase account?

2. Whether all inward supply invoices are entered for full value and thereafter for rejected/stock quantity, credit note or sales return invoice is prepared.

3. Whether GST payable on outward supplies made and shown separately in outward supply account?

4. In case of capital goods whether full value including GST is debited in the books or net value is shown in the capital goods account.

5. In case of capital goods fully written off whether GST deducted from such expenditure account or not?

6. What is the system to check GST liability (payment through Electronic Cash ledger / Electronic Credit Ledger) as shown in the financial records with the GST records? Whether any reconciliation is made for the differences?

JOB WORK

1. Whether any input/output ratio has been determined for sending the input for job work.

2. What are the records maintained for sending inputs for job work (either directly from the supplier of inputs/ from the place of business of the registered person) and whether the records show quantity of inputs sent, quantity of final product to be received, actually received and variation?

3. Whether any monthly or periodic statements are prepared for each job work and at what level the statements are verified for taking corrective action?

4. What is the system of treatment of scrap generated at job worker? Whether it is brought back to the registered person’s premises or allowed to be disposed off by job worker?

5. Whether the finished goods after job-work are being supplied from job-worker’s premises.

6. When the finished goods are not received back from the job worker in time (180 days), what action is taken by the company and what accounting treatment is done for the same? 81

7. Whether the processed inward supplies after conversion into outward supplies are sold by the principal directly from the premises of Job-worker?

8. Whether outward supplies are made after transferring the same to any other place from the job-worker’s premises?