GST Audit

Under GST regime, Registered person under GST has to compute and declare the turnover, tax liability, ITC available and refund that can be claimed. GST Audit means an examination of records, returns and other documents. under GST audit, to verify the correctness of turnover declared, taxes paid, refund claimed and ITC availed And To assess the registered person’s compliance with the provisions of this Act or the rules made thereunder.

what is gst audit 

GST Audit means an examination of records, returns and other documents maintained or furnished by the registered person under GST Act or the rules made thereunder or under any other law for the time being in force.

who can do gst audit

GST Audit can be done by Chartered Accountant or a Cost Accountant under S.35(5) read with S 44(2) and Rule 80.GST Audit under this section is applicable to every registered person whose aggregate turnover during the Financial Year has exceeded Rs. 2Cr for FY 2017-18 and Rs. 5Cr from FY 2018-19 onwards. Such GST audit should be done only by a Chartered Accountant or a Cost Accountant.

can internal auditor do gst audit

An internal auditor cannot be appointed as GST Auditor.

The GST Act does not allow a GST practitioner to perform GST audit.

GST audit should be done only by a Chartered Accountant or a Cost Accountant.

gst audit requirement

Audit by Professional- S.35(5) read with S 44(2) and Rule 80 • Audit under this section is applicable to every registered person whose aggregate turnover during the Financial Year has exceeded Rs. 2Cr for FY 2017-18 and Rs. 5Cr from FY 2018-19 onwards. • Such an audit should be done only by a Chartered Accountant or a Cost Accountant. • After the completion of the audit the registered person should furnish the following documents: ○ Audited annual accounts. ○ Annual Return. ○ Reconciliation statement in Form GSTR 9C along with a certificate from the auditor and ○ Such other particulars as may be prescribed.

gst audit due date