Page 19 - Jignyasa-June 2020

DOCUMENT LIST AREAS TO BE FOCUSED / CHECKED
VALUATION
• Key Procurement and Sales contracts
• Sundry Debtor Accounts
• Discount Schemes
• List of related parties (from as
per Tax audit report and notes to
accounts)
JOB WORK TRANSACTIONS
• Job work Inward and Outward Register 
• Delivery challan Register
• FORM ITC-04
http://www.ctconline.org
/ VERIFIED
 Verify double claims of depreciation
& ITC
 Check for reversal of ITC against
the receipt of credit note
 Value of supply is determined as
per Section 15 and applicable rules
 Any inclusions in the value of
supply in terms of section 15(2) of
CGST Act, 2017 have been verified
(Non-Government subsidies, Interest
or late fee or penalty for delayed
payment of any consideration etc.)
 Discount given fulfils the conditions
as prescribed under Sec 15(3) of
CGST Act, 2017
 In case of discount given post
supply, ITC attributable to the
discount has been reversed by the
recipient of the supply
 In case of reimbursement in
capacity of pure agent, conditions
of Rule 33 of CGST Act, 2017 has
been fulfilled
 In case of related party transactions
– check whether valuations rules
are followed
Each movement of goods to/from
job worker takes place along with
delivery challan
 All movement of goods to/from job
worker are reported in ITC-04
 Proper accounts regarding inputs
and capital goods and their
movements has been kept by
principal
 Goods sent to job worker are
returned back within a period of 1
year and 3 years in case of Inputs
and capital goods respectively
(except moulds, dies, jigs, fixtures,
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