As per Sec 35(5)
Every registered person whose turnover during financial year exceeds the prescribed limit shall get his account audited by a CA or Cost Accountant
As per Rule 80(3):
Every registered person whose aggregate turnover during financial year exceeds two crore rupees shall get his account audited and furnish a reconciliation statement duly certified in “Form GSTR 9-C” electronically
Aggregate Turnover means
- Aggregate value of all taxable supplies (excluding Inward Supplies on which RCM is applicable)
- Exempt supplies
- Exports of goods or services or both
- Inter-state supplies of persons having same PAN
- To be computed on all India basis
Exclude central tax, state tax, union territory tax, integrated tax and cess
Example
Q: Is GST Audit Applicable?
X Ltd. Is registered in Bihar, U.P. and Haryana with same PAN, making Taxable Supplies, Exempt Supplies, Export and Inter-State Supply.
Total Turnover for FY 2017-18 statewise is as below:
Bihar – 1.8 Crores
U.P. – 60 Lakhs
Haryana – 25 Lakhs
Example
Q: Is GST Audit Applicable?
X Ltd. Is registered in Bihar, U.P. and Haryana with same PAN, making Exempt Supplies and getting Rental Income Also.
Total Turnover for FY 2017-18 statewise is as below:
Bihar – 1 Crores
U.P. – 50 Lakhs
Haryana – 35 Lakhs
Rental Income- 25 Lakhs