14 November 2018
What is the limit for gst audit? Is the turnover limit of 2 crores is for whole FY 2017-18 including vat period or the turnover made during GST period Please give me info about this as early as possible
15 November 2018
Section 35(5) of the CGST Act that refers to GST audit uses the expression financial year. Hence even though GST has been effective from 1st July it is reasonable to construe the period April to June 2017 also for interpreting Financial year and thereby calculating the prescribed limit of 2 crores. Hence the turnover of the entire year 2017-18 should be taken for calculating the prescribed turnover limit.
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