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Audit when compalsary

Tejpal Jain (197 Points)

15 May 2020

my turnover during fy 19-20 is above 1cr is there compalsary to audit my books of accounts.

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CA Haritha Komma (Chartered Accountant) (1147 Points)
Replied 15 May 2020

NOt required..

The GST audit is mandatory if the Turn Over exceeds 2 crores on PAN India basis..

gagan bindra (6 Points)
Replied 15 May 2020

Income tax audit still applies u/s 44AB

sunil arora (54 Points)
Replied 15 May 2020

The GST audit is mandatory if the Turn Over exceeds 2 crores per state.....not on pan India bases

CA RAHUL JAIN RJ (CHARTERED ACCOUNTANT) (298 Points)
Replied 15 May 2020

Gst audit is mandatory if turnover exceeds 2cr but for fy 18-19 business whose turnover is less than 5cr fillimg of gstr 9c is waived of

Shivam RC (Student) (23683 Points)
Replied 15 May 2020

As per the Provision of Section 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017, A person needs to get his Accounts Audited by a Chartered Accountant ( CA ) or a Cost and Management Accountant ( CMA ) and file FORM GSTR-9C ( Reconciliation Statement and Audit Report ) if his Aggregate Turnover "Exceeds Rs. 2 crores".

But for Financial Year 2018-19, the limit has been increased to Rs. 5 Crores by amending the CGST Rules 2017. The Government vide Notification No. 16/2020 - Central Tax, dated 23rd March 2020, has amended the CGST Rules 2017. A new Proviso was inserted to Sub Rule (3) of Rule 80 of the CGST Rules 2017, which states that Filing of FORM GSTR-9C is Mandatory only for those Taxpayers whose Aggregate Turnover "Exceeds Rs. 5 Crores" for FY 2018-19.

The Due Date to file FORM GSTR-9 and FORM GSTR-9C for FY 2018-19 has been extended to "30th September 2020" vide Notification No. 41/2020 - Central Tax, dated 05.05.2020.

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