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GST Audit

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GST Audit

WHAT IS GST AUDIT?

 As per section 35(5) of cgst act 2017 Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant & shall submit a copy of the audit annual accounts, the reconciliation statement under sub section (2) of section 44 & such other documents in such form & manner as may be prescribed.

Provided that nothing contained in this sub section shall applied to any department of the central government  or a State government or a local authority whose books of accounts are subject to audit by the comptroller & auditor general of india or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.

Types of GST Audit

Types

Performed By

When Initiated

Turnover based Audit

Chartered Accountant or Cost Accountant appointed by the taxpayer

If the Turnover exceeds 5 crores the taxpayer has to get his accounts & records audited

Normal audit/General Audit

Commissioner of CGST/SGST or any Officer authorized by him

On order of Commissioner by giving 15 days prior notice

Special audit

A Chartered Accountant or Cost Accountant, nominated by Commissioner

On order of Deputy/Assistant Commissioner with prior approval of Commissioner

Inclusions While Calculating Turnover For GST Audit:

  • All taxable (inter-state and intra-state) supplies other than supplies on which reverse charge is applicable
  • Supplies between separate business verticals.
  • Goods supplied to/received from job worker on principal to principal basis.
  • Value of all export/zero-rated supplies.
  • Supplies of agents/ job worker on behalf of the principal.
  • All exempt supplies. E.g. Agricultural produce supplied along with branded ready-to-eat food.
  • All taxes other than those covered under GST Eg: Entertainment Tax paid on the sale of movie tickets.

Exclusions While Calculating Turnover For GST Audit:

  • Inward supplies on which tax is paid under reverse charge.
  • All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess.
  • Goods supplied to or received back from a Job Worker.
  • Activities which are neither supply of goods nor service under schedule III of CGST Act.
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