Audit under GST-
What is GST Audit ? Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. Divided into following parts : 1. Threshold Limit for Audit Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 2 crore] shall get his accounts audited by a chartered accountant or a cost accountant. He shall electronically file: an annual return using the Form GSTR 9 by 31st December of the next Financial Year*, the audited copy of the annual accounts, a certified reconciliation statement in the form GSTR-9C, reconciling the value of supplies declared in the return with the audited annual f...