Our client is a Agriculture Co Operative Society engaged in lending loans and collecting deposits from the agriculture sector. They are registered under GST.
Their turnover for the financial year comes to be around Rs 2,43,50,000 for the year 2017-18.
Do GST Audit is applicable to them?
Breakdown of their Turnover is something as follows.
Interest earned from loan given to members - Rs 1,70,00,000
Interest earned from Investments - Rs. 67,00,000
Income from Trading activites - Rs 6,50,000
Total turnover - Rs 2,43,50,000
CAclubindia
