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GST Audit Applicability

16 August 2019

During F.Y. 2017-18 turnover during gst period i.e. 1/7 to 31/18 is under 2 cr but total turnover i.e. 1/4/17 to 31/3/18 is above 2 cr whether firm is liable to gst audit for f.y. 17-18?

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14 Replies

anmol vashisht (53 Points)
Replied 16 August 2019

IT IS LIABLE TO AUDIT U/S 44AB BECAUSE TAX SHOULD BE CALCULATED ON TOTAL TURNOVER ,, AS YOUR FIRM TURNOVER IS ABOVE THAN RS. 2 CR IN FY. 2017-18 .THEN YOUR BOOKS MUST BE AUDITED.

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Kallol Sarkar (Accountant) (188 Points)
Replied 16 August 2019

CBIC Press release dt.03.07.19 regarding GSTR 9C reads "The aggregate turnover for this purpose shall be reckoned for the period July, 2017 to March, 2018."

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Apurv Agrawal (101 Points)
Replied 16 August 2019

can u send me pdf of press release? It would helpful for me..

Kallol Sarkar (Accountant) (188 Points)
Replied 16 August 2019

Follow the link

https://www.cbic.gov.in/resources//htdocs-cbec/press-release/03-07-2019-Second-Press-Release.pdf;jsessionid=F0C793C63218C0C404C7AC909D2FA47F

Locate Point i

Apurv Agrawal (101 Points)
Replied 16 August 2019

I m unable to find ans. of my query in this press release. Plz clearify it..

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Kallol Sarkar (Accountant) (188 Points)
Replied 16 August 2019

Read Point i in that press release

Apurv Agrawal (101 Points)
Replied 16 August 2019

ok I got it thank u very much.

Mondira Saha (GST) (3925 Points)
Replied 16 August 2019

yesss you are laible to audit during the FY turnover you have to take from april 17 to march 18 ...

Apurv Agrawal (101 Points)
Replied 16 August 2019

No turnover is to be taken from july 17 till mar 18 refer above mention press release

Shivam RC (Student) (23683 Points)
Replied 16 August 2019

Rs. 2 crore Turnover limit for GST Audit and Reconciliation Statement will be reckoned for the period July 2017 to March 2018.

Since your Aggregate Turnover exceeds the limit, you are required to get your Accounts Audited by a Chartered Accountant or a Cost and Management Accountant by virtue of Section 35(5) of the CGST Act 2017 read with Rule 80(3) of the CGST Rules 2017, and file GSTR-9C within 31.08.2019 to avoid late fees.

Warm Regards.

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Kallol Sarkar (Accountant) (188 Points)
Replied 16 August 2019

According to the said press release, If your turnover from 01.07.17 to 31.03.18 exceeds Rs. 2 crore, you are liable to file GSTR 9C otherwise not.

Tejpal Saini (Accountant) (25 Points)
Replied 16 August 2019

Sir,

We have more GSTIN do we will have to file annual audit because some states turnover not exceed from 2 cr

Tejpal Saini (Accountant) (25 Points)
Replied 16 August 2019

you are liable.

Geo Jacob (Student) (36 Points)
Replied 19 August 2019

As mentioned above according to press release, the “aggregate turnover” will be calculated from July 2017 to March 2018 for the FY 2017-18.

But it is essential that instead of just taking turnover in the Financial Statement one should deeply analyse the definition and arrive at the figure:

“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess