GST AUDIT BY CAs

🌽 *GST Audit by CAs*

🍉 *GST AUDIT -- Section 2(13):*

It is an examination of records, returns and other documents maintained by the registered person under this Act to verify:

• the correctness of turnover declared, 

• taxes paid, 

• refund claimed and 

• input tax credit availed, and 

• to assess his compliance with the provisions of this Act or the rules made thereunder; 

🍓 *COMPULSARY AUDIT OF GST – SECTION 35(5):*

• every registered person

• whose turnover during a financial year exceeds Rs. 2 crores 

• gets his accounts audited by a CA or CWA

🍎 *ANNUAL RETURN (GSTR 9C) SECTION – 44(2)*

GSTR 9 should be filed by the regular tax payers filing GSTR 1, 2, & 3 whereas, the registered person *who is liable to get their accounts audited* under this act shall file return in form *GSTR 9C.* alongwith:

• copy of audited annual accounts and 

• Reconciliation statement of tax already paid and tax payable as per audited accounts. 

🍒 *PENALTY:*

     *1. In case of failure to file annual return:* Rs. 100 per day per act subject to maximum of 0.25% of state turnover.

     *2. In case of failure to get accounts audited from CA:* upto Rs. 25,000/-

 

🙏Thank you🙏

TEACHER BY PASSION