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Gst audit for fy 2017-18

ANIL KUMAR KHETAN (PROPRIETOR) (487 Points)

18 August 2019

For fy 2017- 18 vat turnover 50 lakhs and gst turnover 1.75 , audit required or not. Please clarify

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12 Replies

Sonu Maheshwari (Jr. Account & Finance Manager) (206 Points)
Replied 18 August 2019

not required

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 18 August 2019

No not required, in terms of Latest press release by CBIC , the VAT regime turnover shall not be included to compute aggregate turnover for GST Audit

Shivam RC (Student) (23683 Points)
Replied 19 August 2019

GST Audit u/s 35(5) of the CGST Act 2017 is required only when your Aggregate Turnover exceeds Rs. 2 crore.

However, this Rs. 2 crore will be reckoned for the period July 2017 to March 2018.

Since your GST Turnover is Rs. 1.75 crore , which is less than Rs. 2 crore limit, you are not liable for GST Audit.

Warm Regards.

1 Like

HARSHIL JAIN (MD) (334 Points)
Replied 19 August 2019

taxable turnover is 1.95 cr when tax is added it crosses limit of 2cr .
what to do in such case plz clarify

Shivam RC (Student) (23683 Points)
Replied 19 August 2019

@ Harshil Jain Sir,

Aggregate Turnover does not include taxes ( CGST, SGST, UTGST, IGST and Cess ).

According to the Provision of Section 2(6) of the CGST Act 2017 , " Aggregate Turnover" means the aggregate value of all taxable supply ( excluding the value of inward supply on which tax is payable by a person on reverse charge basis ) , Exempt Supply, Export of goods or services or both and Inter State Supply of persons having the same PAN to be computed on all India basis but excludes CGST, SGST, UTGST, IGST and Cess.

Hence while computing Aggregate Turnover , you have to exclude the tax portion.

As per the Provision of Section 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017, GST AUDIT is required to be done by a Chartered Accountant or a Cost and Management Accountant when the "AGGREGATE TURNOVER" of the Registered Person exceeds Rs. 2 crore.

The word used in the above said Provision is "AGGREGATE TURNOVER".

Therefore, you are not required to comply with the Provision of Section 35(5) of the CGST Act 2017 i.e. "GST AUDIT".

Warm Regards.

Haresh prajapati (student) (72 Points)
Replied 19 August 2019

in turnover whether advance recipts includes or not?

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 19 August 2019

DEAR HARESH

NO................... ADVANCE NOT INCLUDE IN AGGREGATE TURNOVER

1 Like

Shivam RC (Student) (23683 Points)
Replied 19 August 2019

No... Advance Receipts is not included in the Aggregate Turnover.

Haresh prajapati (student) (72 Points)
Replied 19 August 2019

then GSTR 9C applicable ??

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 21 August 2019

No...............

Shivam RC (Student) (23683 Points)
Replied 27 August 2019

The DUE DATE for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement and Audit Report in FORM GSTR-9C for the financial year 2017-18 has been extended from 31st August, 2019 to 30th NOVEMBER, 2019.

REMOVAL OF DIFFICULTY ORDER No. 07/2019-CT dated 26.08.2019, issued by the CBIC Department.

Hence, the latest Due Date to file ANNUAL RETURN ( GSTR-9 and GSTR-9A ) and Reconciliation Statement and Audit Report ( GSTR-9C ) is 30.11.2019.