20/05/2018
The financial year 2017 -18 had already ended and we expect that the finalisation of accounts for the same were under process. Hence sharing some important clause for GST AUDIT for FY 17-18:
GST AUDIT -- Section 2(13):
It is an examination of records, returns and other documents maintained by the registered person under this Act to verify:
• the correctness of turnover declared,
• taxes paid,
• refund claimed and
• input tax credit availed, and
• to assess his compliance with the provisions of this Act or the rules made thereunder;
COMPULSARY AUDIT OF GST – SECTION 35(5):
• every registered person
• whose turnover during a financial year exceeds Rs. 2 crores
• gets his accounts audited by a CA or CWA
ANNUAL RETURN (GSTR 9C) SECTION – 44(2)
GSTR 9 should be filed by the regular tax payers filing GSTR 1, 2, & 3 whereas, the registered person who is liable to get their accounts audited under this act shall file return in form GSTR 9C. alongwith:
• copy of audited annual accounts and
• Reconciliation statement of tax already paid and tax payable as per audited accounts.
PENALTY
1. In case of failure to file annual return: Rs. 100 per day per act subject to maximum of 0.25% of state turnover.
2. In case of failure to get accounts audited from CA: upto Rs. 25,000/-
Regards
CA. Ravi Shah
