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Gst audit

s (acctt) (33 Points)

25 June 2019

SIR IN FY-2017-18 THE BIFURCATION OF OUR TOTAL TURNOVER ARE AS UNDER

TAXABLE SALE OF SOLAR PANELS ETC. FROM 01/04/2017 TO 30/06/2017 (VAT) 38,00000/- ( THIRTY EIGHT LAKH ONLY

NO GST SALE FROM 01/07/2017 TO 31/03/2018

SALE OF OPEN LAND ( AGRICULTURAL) 2,79,00000/- (Two Cr, Seventy Nine Lakh)

My query is whether gst audit is applicable in this case ?

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4 Replies

CA Rakesh Ishi (Working at Private Company) (7775 Points)
Replied 25 June 2019

GST Audit is applicable.

GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rs 2 crores, by the sale of goods or services in the financial year.

Aggregate turnover = Value of all taxable (inter-state and intra-state) supplies + exempt supplies + export supplies of all goods and services

Items included while calculating turnover:

All taxable (inter-state and intra-state) supplies other than supplies on which reverse charge is applicable
Supplies between separate business verticals.
Goods supplied to/received from job worker on principal to principal basis.
Value of all export/zero-rated supplies.
Supplies of agents/ job worker on behalf of the principal.
All exempt supplies. E.g. Agricultural produce supplied along with branded ready-to-eat food.
All taxes other than those covered under GST

Items excluded while calculating turnover:

Inward supplies on which tax is paid under reverse charge.
All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess.
Goods supplied to or received back from a Job Worker.
Activities which are neither supply of goods nor service under schedule III of CGST Act.

amit rathore (Student CA Final ) (136 Points)
Replied 25 June 2019

GST audit applicable only turnover more than Rs 2 crores, by the sale of goods or services in the financial year.

Dipesh Jha (PRACTICE ) (673 Points)
Replied 25 June 2019

yes GST audit is applicable😊

CA Mayank A Jain (Chartered Accountant in Practice) (1009 Points)
Replied 25 June 2019

In my view, audit is not applicable. Sale of land is neither supply of goods nor services.
Aggregate turnover only includes supplies.
Therefore audit not required