GST Audit
Overview
GST Audit applies every year for those GST registered businesses (GSTIN) having turnover more than Rs.2 crore, by the sale of goods or services in the financial year. It is dealt under Sections 35(5) and 44(2) of the CGST Act.
Types of GST Audit
|
Types |
Performed By |
When Initiated |
|
Turnover based Audit |
Chartered Accountant or Cost Accountant appointed by the taxpayer |
As per the CGST Act, if the Turnover exceeds 2 crore,^ 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 |