Please advice is gst audit applicable for partnership firms in case turnover exceeds Rs 2 crores ???
3 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 11 September 2018
Yes, because sec. 35(5) of the CGST Act begins with every registered person.
"Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed."
Shivam RC
(Student)
(23683 Points)
Replied 11 September 2018
As per the Provision of SECTION 35(5) of CGST Act 2017, read with Rule 80(3) of the CGST Rules 2017, Every Registered Person whose Aggregate Turnover during a Financial Year exceeds ₹ 2 Crore is required to get their Accounts Audited either by a Chartered Accountant or a Cost Accountant.
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