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gst audit in india

GST Audit- eradicating perplexity

What is GST Audit?
Audit means the critical examination of returns, records and other documents maintained and furnished by the registered person under CGST Act or the rules made thereunder or under any other law for the time being in force. It is also executed to verify the authenticity of turnover declared, refund claimed, taxes paid, and input tax credit availed, and to affirm compliance with the provisions of this Act or the rules made thereunder.

What are the rules of compliance for GST Audit?
GST audit is requisite for registered taxpayers with an aggregate annual turnover exceeding INR 2 crores. Aggregate turnover is computed considering the Permanent Account Number (PAN) under GST. An entity having an aggregate turnover exceeding the minimum prescribed limit is required to obtain a Goods and Services Tax Identification Number (GSTIN) registration in each state or union territory where place of business lies.

An audit is required to be conducted for all GSTINs obtained for a PAN. Thus, in a situation where an entity has obtained 10 GSTINs, 10 GST audits will be required to be submitted if the aggregate turnover during the financial year exceeds prescribed limit of INR 2 crores on a PAN-India basis.

Are there any forms requiring submission under GST audit?
Form GSTR-9C is required to be submitted for audit under GST in conformity with the format released by the government. The notified Form GSTR-9C contains 10 page divided in two parts – the reconciliation statement and certification from the auditor.

At what date GST audit needs to be submitted for FY 18?
As per Section 44 of the Central GST Act (CGST Act), the GST audit form for FY 18 is to be submitted by December 31, 2018.

How and where to submit GST Audit?
Technically, Form GSTR-9C is to be filed electronically through the common Goods and Services Tax Network (GSTN) portal.

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If foraging for more information on GST related queries, visit GST Audits- An overview