GST Audit appplicability on a co operative society

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

Replies (2)
Yes In term of Section 35 of CGST Act & Rule GST Audit is applicable for societies with turnover above Rs 2 crores.

Thank you Rawat sir..

 

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