What will be the audit limit under GST?
watch_later 9 months, 2 weeks ago
As I have read the article records and audits under GST. It is still not clear whether audit under GST will be for everyone or any turnover limit is prescribed for compulsory audit under GST?
There has been no official notfication on turnover limit of audit under GST. GST audit by a chartered accountant or cost accountant will be compulsory if turnover exceeds prescribed limit.
However revised return rules issued by government do mention 2 crore as audit limit.
Rule 21(2) of revised return rules prescribed that:
Every registered person whose aggregate turnover during a financial year exceeds one crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9B, electronically through the Common Portal either directly or through a Facilitation Centre notified by the Commissioner.
So as of now we can consider the rules to be final and assume that turnover for audit will be more than 2 crore.
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