GST Audit
Definition
An examination of a registered taxpayer's records to verify that turnover, tax paid, refunds and input tax credit are correct. It may be conducted by the department or required based on turnover under the law in force.
Related Terms in India GST
Aggregate Turnover
The total value of all taxable, exempt, export and inter-state supplies under a single PAN across India, excluding GST itself. It determines registration liability and eligibility for schemes like composition and QRMP.
TDS Challan (ITNS 281)
The challan used in India to deposit tax deducted or collected at source with the government, identifying the type of deduction and the period. Its details must match the TDS return for credit to flow to deductees.
Section 206AB
A provision requiring tax to be deducted at a higher rate when the payee has not filed income-tax returns as specified, intended to push non-filers into compliance. A companion provision applies to TCS.
Income Tax Slab
The bands of income taxed at progressively higher rates under India's individual income tax. The slab rates differ between the old and new regimes and are set by the Finance Act each year.
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