GST Audit – Types, Objective, Applicability - Taxguru - in
GST Audit – Types, Objective, Applicability - Taxguru - in
AUTHOR :AJAYBHAMBARI
https://taxguru.in/goods-and-service-tax/gst-audit-types-objective-applicability.html
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.
Any registered taxable person whose annual aggregate turnover exceeds 5 crore INR during a financial year
needs to get their accounts audited.
1.Turnover declared
2.Taxes paid
3.Refund claimed
To assess auditee’s compliance with the provisions of GST Act and Rules.
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
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.
a. The findings,
The registered person can be directed to get their records that include books of Account.
It shall be examined and audited by a chartered account or a cost account nominated by commissioner.
This examination can take place during any stage of scrutiny, inquiry, investigation or any other
proceedings.
The Assistant manager commissioner can order for special audit. The commissioner will nominate the CA
who will carry out the special audit.
The CA has to submit a report of the audit within 90 days. The assistant commissioner can also extend the
period over 90 days for the application person for any sufficient reason.
In this procedure results in
The taxable person will be given an opportunity of being heard in the findings of special audit. If the result in
detection of unpaid/ wrong refund etc .The recovery will start against the registered person after this auditing.
The author can be however contacted for further clarification at 9654182791 or via mail at [email protected]
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