Turnover Definition For Gst Audit

2 crores in a financial year then he was required to get his accounts audited by a chartered accountant or cost accountant.

Turnover definition for gst audit. Turnover in common parlance means value of a business over a period of time. Types of audits under gst. Every business entity engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed rs 40 lakhs in a financial year is required to be registered under the gst act. 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.

Gst audit is carried out to verify the correctness of the turnover taxes paid itc refund claimed and itc availed and to assess the compliance with the provision of the gst act. Turnover meaning under gst audit. For supply of services aggregate turnover of rs 20 lakhs 10 lakhs in special category states is the limit for registration. 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.

The government on thursday notified the gstr 9c form for annual gst audit under which every taxpayer above rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. In case of financial year 2017 18 if the annual turnover of a registered taxpayer exceeds rs. The major concern among the taxpayers is that what is the turnover limit for gst audit and for gst annual return so before filing gstr 9 and gstr 9c every one must know that whether it is mandatory to file these returns or not in this post we are going to discuss the gst audit limit for fy. Further the gat audit turnover limit of rs 2 crore is the same for the registered tax persons across all states and uts.

As we all know for gst audit and gst annual return the last date is 31st october 2020 for fy 2018 19. This article covers the following. For the same financial year fy 2018 19 requirement of gst audit for business with turnover less than rs 5 crore is waived off. Audit under gst means an examination of returns records and other documents maintained or furnished by the registered person under the gst act.

6 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. Under gst annual return is to be furnished in gstr 9 recently notified on september 4 2018.