Goods & Service Tax

Every registered person must get its accounts audited if the aggregate turnover during FY exceeds Rs. 2 Cr from sale of goods or services. Calculation of turnover shall be PAN based i.e. all sale of goods/ services shall be taken for computing the limit of Rs. 2 Cr.

GST audit limit is same for all registered taxpayers, i.e. no separate limit is specified for special category states or UTs

GST Audit is required for the following reasons-

• GST is the self-assessment tax regime so GST audit is required for ensuring that tax payer has correctly assessed hi liability.
• It involves examination and evaluation of records; GST returns and other related documents.
• To obtain reasonable assurance and ensure that financial statements are free from any material misstatements.

Furnishing of Documents under GST Audit-

• Annual Return
• Copy of Audited Annual Accounts
• Copy of reconciliation Statement

If you’re wondering how to file GST returns or are thinking how many returns in GST you have to file, you can visit the GST login portal for all your queries. If you need expert advice on filing of your GST returns and managing your compliances, you can connect with our team.