Definition Of Turnover In Gst Audit

Thus no separate turnover limit is defined for the special category states for gst audit in addition to this each state gst act provides appropriate provisions regarding gst audit.

Definition of turnover in gst audit. Gst audit is applicable when total turnover on pan india basis exceeds 5 crore in fy 2018 19. Everyone is aware about applicability of gst audit as per rule 80 3 every registered person whose aggregate turnover during a financial year exceeds 2 crores rupees shall get his accounts audited as specified under sub section 5 of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement duly certified in form gstr 9c electronically through the common portal either directly or through a facilitation centre notified by the commissioner. For example babatax has unit in delhi having turnover of 2 crore in maharashtra 2 crore and in gujarat 2 crore. Aggregate turnover in gst can be described as the taxable value of supplies of goods and services exempt supplies of goods and services export of goods and services and inter state supplies.

Further the gat audit turnover limit of rs 2 crore is the same for the registered tax persons across all states and uts. Meaning of aggregate turnover as per section 2 6 of cgst act 2017 aggregate turnover means the aggregate value of all taxable supplies excluding the value of inward supplies on which tax is payable by a person on reverse charge basis exempt supplies exports of goods or services or both and inter state supplies of persons having the same permanent account number to be computed on all india basis but excludes central tax state tax union territory tax integrated tax and cess. Aggregate turnover under gst is a crucial concept. Need for gst audits and meaning types of audits under gst.

For supply of services aggregate turnover of rs 20 lakhs 10 lakhs in special category states is the limit for registration. Gst audit will apply every year for those gst registered business gstin having turnover more than rs 2 crores by the sale of goods or services in the financial year. This article covers the following. Total turnover is therefore 6 crore.

Therefore gst audit is applicable to all its units. By calculating it correctly and understanding what s included you may be able to use the total to reduce your taxes and save money. Turnover meaning under gst audit. Turnover in common parlance means value of a business over a period of time.

However gst audit will be done gstin wise.