GST Audit for composition scheme

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149 Points Posted on 16 July 2024

I am using composition system for GST calculation.

Turnover of my shop is around 1.0 cr

Do I require GST audit ?

 

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On 16 July 2024 at 16:50 Report
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Quick Summary
If you're operating under the GST composition scheme and your shop's turnover is approximately £1 crore, you generally do not require a GST audit. Businesses registered under the composition scheme are exempt from maintaining the extensive records mandated for standard taxpayers.

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Master in Accounts & high court Advocate
9620 Points Posted on 16 July 2024
No, a dealer registered under composition scheme is not required to maintain detailed records as required by a normal taxpayer.
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On 16 July 2024 at 16:59
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149 Points Posted on 16 July 2024
Thank you Sir for resolving my issue. I am grateful to you.
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On 16 July 2024 at 17:10

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