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Advance to be considered for limit of Gst Audit
A co. Having turnover for FY 2018-19 of 4.5 cr as per audited financials and have 70 lacs as advance. Will the co. be applicable for GST Audit?
Replies (8)
Quick Summary
| Originally posted by : Dhruv Jain | ||
 |
A co. Having turnover for FY 2018-19 of 4.5 cr as per audited financials and have 70 lacs as advance. Will the co. be applicable for GST Audit? |  |
Gst audit applies considering annual turnover. Does these advances becomes part of Ur aggregate turnover ?
Advanced rec'd for goods cannot b considered as part to aggregate turnover.
What about advance for services?
| Originally posted by : Dhruv Jain | ||
|
What about advance for services? | |
No it won't be considered a part of agg turnover
So considering the above said and the example given GST Audit won't be applicable?
| Originally posted by : Dhruv Jain | ||
|
So considering the above said and the example given GST Audit won't be applicable? | |
Yes but annual return will b mandatory
Thank you.
Welcome dhruv but u must read the provisions.
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