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Audit under GST law means the examination of records, returns and other documents maintained or furnished by the registered person - to verify the correctness of turnover declared, taxes paid, refund claimed and ITC availed and to assess his compliance with the provision of GST Acts and rules.
Why Is GST Audit Required?
- All Entities require GST Auditing whether it is a Private limited company, Individual company(Proprietorship), Partnership, The firm, Limited Liability Partnership, Society etc.
- Turnover Limit: Pan India Turnover across all GSTIN exceed: 2 CRORE RUPEES is required to get his records audited by a CA(Chartered Accountant) or a CMA(Cost and Management Accountant).
- The assessee who is required to get his records audited contained under section 35(5) will file the Annual Return electronically alongside audited report and the comprehensive explanation, accommodating the estimation of provisions expressed in the audit report for the financial year with the audited yearly fiscal summary, another report of audited yearly records in Form GSTR-9C with GSTR 9 will also be required to be filed.