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Audit or not

ANIL KUMAR KHETAN (PROPRIETOR) (487 Points)

26 August 2020

my business turnover less than 5 core for FY 2028- 19, liable to audit under GST , please reply immediately

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 26 August 2020

If your turnover is less than 5 Crore than you are not liable for GST Tax audit for F.Y 2018-19..

ANIL KUMAR KHETAN (PROPRIETOR) (487 Points)
Replied 26 August 2020

Any type of audit required under this position for FY 2018-19

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 26 August 2020

Tax audit u/s 44AB of income tax Act, 1961 is required if your Turnover is more than 2 Crore.

If your turnover is less than two crore but more than 1 crore , and your filing your income tax return under normal scheme (not under Presumptive Scheme) , than also tax audit is applicable to you.

Note : Assume that you' have a Proprietorship business.

ANIL KUMAR KHETAN (PROPRIETOR) (487 Points)
Replied 26 August 2020

What position , if person is Partnership Firm or company

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 26 August 2020

Same as above for Partnership Firm...1 cr/2 cr..

For LLP i.e Limited liability partnership firm, Statutory Audit is applicable as per Limited liability partnership Act , 2008 above prescribed turnover as per LLP Act,

For Company, Statutory Audit is compulsory in all case, without any turnover limit.

Shivam RC (Student) (23683 Points)
Replied 26 August 2020

GST Audit / FORM GSTR-9C ( U/s 35(5) of the CGST Act 2017 ) for FY 2018-19 has been made "MANDATORY" only for those taxpayers whose Aggregate Turnover exceeds Rs. 5 crores. A new Proviso was inserted to Rule 80(3) of the CGST Rules 2017 vide Notification No. 16/2017 - Central Tax, dated 23rd March 2020.

So for you GST Audit is not applicable for FY 2018-19.

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