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TMI BlogSpecial Audit Section 66X X X X Extracts X X X X X X X X Extracts X X X X ..... er, having regard to the nature and complexity of the case and the interest of revenue is of the opinion that * the value has not been correctly declared or * the credit availed is not within the normal limits Prior approval of commissioner is necessary before ordering special audit. The chartered accountant or a cost accountant must be nominated by the Commissioner.(Circular No. 33/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a cost accountant or chartered accountant nominated under section 66 of CGST/SGST Act, access to any business premises without issuance of a search warrant for the purposes of carrying out any audit, scrutiny, verification and checks as may be necessary to safeguard the interest of revenue[ FAQ Qus. no. 15] Section 66(2) Time limit to submit the audit report The auditor will have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under any other statue. Section 66(3) overrides provisions of any audit conducted under this act or any other law. Section 66(4) Opportunity of being heard The registered person shall be given an opportunity of being heard in respect of any material gathered on the basis of special audit under sub-section (1) which is proposed to be used in any proceedings against him under this Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs would be concluded. * Post issue of notice, in case he pays the requisite tax, 18% interest and 25% penalty within 30 days, proceedings shall be concluded. * Post adjudication, in case he pays the requisite tax, 18% interest and 50% penalty within 30 days of order, proceedings shall be concluded. [Under section 74] * Determination of tax not paid or short paid or erroneously refunded or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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