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. The GST law requires an audit of the monthly compliances by way of an audit attached to the Annual Return. We, at AKCJ believe in offering qualitative value-added services encompassing a comprehensive review of all GST records along with our recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance.
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1. What is meant by a GST audit?
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.
2. Who are liable for GST audit?
Registered persons with an aggregate turnover exceeding the prescribed GST audit limit of Rs 2 Crore during a financial year are liable for GST Audit. These persons must get their accounts audited by a Chartered Accountant or a Cost Accountant
3. What is GST audit limit?
Under GST, the annual return is to be furnished in GSTR-9 (recently notified on September 4, 2018). In addition, as per Section 35 of CGST Act, 2017, every tax payer whose turnover exceeds Rs 2 crore during a financial year, is required to submit audited annual accounts and a reconciliation statement in GSTR-9C