GST Audit - Overview:
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.
Mandatory GST AUDIT by professionals
- If the annual turnover of a registered taxpayer is more than Rs.5 crore in a financial year, he is required to get his accounts audit every year.
- Business with an annual turnover of More than Rs 5 crore, filing of GSTR-9C.
- Registered person is required to furnish electronically through the common portal along with annual return (GST-9).
i. Audited annual accounts
ii. A reconciliation statement, duly certified, in prescribed FORM GSTR-9C.
Aggregate turnover= value of all taxable (interstate and intra state supplies )+ exempt supplies + export supplies of all goods and services.
- The total turnover calculation must be PAN-based ,which means that once the turnover under the pan is more than than Rs 5 crore, filing of GSTR-9C.