Challenges for FY 2017-18 :
• Preparedness for Multiple audits under Indirect tax laws- VAT, GST, Excise & Service Tax
• Lack of clarity of law in many situations. Eg. Applicability of turnover for audit. Since the period is less than 1 year turnover to be proportionate or not.
• Complex procedural compliance under GST
• Failure of matching concept of ITC
• Error in Reco. for turnover declared based on Circular dated 29.12.2017 with the accounts maintained
• Transitional issues.