A GST audit of an AIF or PMS provider focuses on fee structures, ITC claims, RCM compliance, and export documentation. A pre-audit health check identifies gaps and prepares the fund for the audit.
This article explains the health check framework.
Fee Structure Review
- Management fee GST treatment.
- Performance fee GST treatment.
- Carried interest characterisation.
- Export of services eligibility.
ITC Review
- GSTR-2B reconciliation.
- Blocked credits under Section 17(5).
- Rule 42/43 apportionment.
- Documentation.
RCM Review
- Trustee fees.
- Legal fees.
- Import of services.
- Payment and reporting.
Pass-Through Expense Review
- Pure agent conditions under Rule 33.
- Documentation of reimbursements.
Export Documentation Review
- LUT filing and validity.
- FIRC/FIRMS.
- GSTR-1 reporting.
Conclusion
A pre-audit health check identifies gaps and prepares the fund for the audit. A CA firm with fund expertise ensures that the audit is concluded without adverse findings.
At Anuj Desai & Associates, we provide GST health checks for AIF and PMS fee structures. Our team reviews fee structures, ITC, RCM, and documentation.
For a confidential consultation, contact us at office@anujdesaiassociates.com or call 9619456656. Visit our website at https://anujdesaiassociates.com or connect with our founder on LinkedIn at linkedin.com/in/ca-anuj-desai-122547230.