GST Audit refers to the examination of the returns, records and other important documents which a taxable individual maintains. Besides, confirming the adherence to the provisions of GST, other motives behind GST audit is to verify the fairness and accuracy of the turnover notified, input tax credit availed and refunds claimed
GST Audit
GST Audit
Types of GST Audit
| Types | Conducted By | Circumstance that Mandates It |
|---|---|---|
| Turnover-based Audit | Cost Accountant or Chartered Accountant appointed by the taxpayer | When the turnover exceeds ₹2 crores, the taxpayer needs to get their records and accounts audited |
| Normal Audit/General Audit | CGST/SGST Commissioner or any official empowered by them | On commissioner’s order after the issuance of 15 days prior notice |
| Special Audit | A Cost Accountant or Chartered Accountant authorized by the Commissioner | On Deputy/Assistant Commissioner’s order after the Commissioner’s approval |
Threshold for GST Audit
If the turnover of the registered taxable individual during an FY surpasses 2 Crore, he must get his accounts audited by a Cost Accountant or Chartered Accountant. He shall e-file the below-mentioned alongside the respective attachments: –
- Annual Return in the Form GSTR 9 on or before 31st Dec. of the next FY.
- A Certified Reconciliation Statement in form GSTR-9C, for reconciling the values as declared under the respective return with the audited annual financial statements
- Audited Annual Accounts’ Copies
- Other particulars (if specified).
