GST Audit
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.
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorized expert.
GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst them.
| Types of GST Audit | Performed By | When Initiated |
|---|---|---|
| Turnover based Audit | Chartered Accountant or Cost Accountant appointed by the taxpayer | If the Turnover exceeds 2 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 |
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