GST Audit


GST Audit

Audit under GST is the process of examination of returns, records and various other documents maintained by a registered person. The purpose of GST Audit is to verify the appropriateness of turnover declared, refund claimed, taxes paid and input tax credit availed, and to ensure compliance of provisions of Goods and Service Act, 2017.

Person liable to audit under Goods and Services Act, 2017:

Every person who is registered under GST and whose turnover during any financial year exceeds the prescribed limit is liable to audit under the provisions of GST. As per the current notified GST Rules, the GST audit is applicable only if the turnover is Rs 2Crores or more*. Such entities must get their books audited by a member of Institute of Chartered Accountant of India (ICAI) or a member of Institute of Cost & Management Accountant (ICMAI). Such registered person shall file the following in electronic mode:

  • Annual return using the Form GSTR 9 on or before thirty-first December of the following Financial Year
  • An audited copy of the annual accounts
  • A reconciliation statement in the form GSTR-9C certified by eligible person, reconciling the value of supplies declared in the return with the audited annual financial statement
  • Any other particulars as may be prescribed.

*For entities having an annual turnover upto Rs.5 crore, filing of GSTR-9C for FY 2018-19 and FY 2019-20 has been waived of by the authorities.

GST Audit

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