GST Funda : Concept of 'Audit'

The term ‘audit’ refers to an official inspection of an individual’s or organization’s accounts, typically by an independent body. Under the GST law, ‘audit’ has been defined to mean examination of records, returns and other documents maintained or furnished by the registered person, to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the law....