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GST audit turnover

POOJA SANKHLA (Student CA Final ) (31 Points)

13 August 2019

gst audit turnover will be considered from july 2017to march 2017 or else april 2017 to march 2018 ?

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vamsi krishna (Chartered Accountant) (284 Points)
Replied 13 August 2019

If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year , he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.

A financial year covers the 12-month period beginning from April of a calendar year to March of the next calendar year.

Special Note: For the purpose of finding out the turnover limit for Financial Year 2017-18, it includes the first quarter of 2017-2018 i.e. 1st April 2017 to 30th June 2017, before GST was implemented.

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Shubham Singhania (Student CA Final ) (293 Points)
Replied 13 August 2019

no as per press release on 3/7/2019
t/o from july17 to march18 will only b taken for the purpose of GST AUDIT

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Shivam RC (Student) (23683 Points)
Replied 13 August 2019

Rs.2 crore Turnover limit for GST Audit u/s 35(5) of the CGST Act 2017, will be reckoned from JULY 2017 to MARCH 2018 and not from April 2017 to March 2018.

The same has also been clarified by the CBIC DEPARTMENT by way of Press Release.

Warm Regards.

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Ayushi Jain (Taxation CS compliance and Audit) (36 Points)
Replied 14 August 2019

Also in the Guidelines of GSTR-9C point no.5A, mentions the below wordings:

The Turnover as the per the Audited Annual financial statement shall be declared here - Table 5A. So the turnover should include the pre GST turnover for applicability of GST Audit. Any section/law cannot supercede the press release.

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CA Guru Manohar (Professional - Job) (25 Points)
Replied 14 August 2019

CBIC: Clarification regarding Annual Returns and Reconciliation Statement, for taking necessary action.

Point (i): Turnover for eligibility of filing of reconciliation statement: It may be noted that the aggregate turnover i.e. the turnover of all the registrations having the same Permanent Account Number is to be used for determining the requirement of filing of reconciliation statement. Therefore, if there are two registrations in two different States on the same PAN, say State A (with turnover of Rs. 1.2 Crore) and State B (with turnover of Rs. 1 Crore) they are both required to file reconciliation statements individually for their registrations since their aggregate turnover is greater than Rs. 2 Crore. The aggregate turnover for this purpose shall be reckoned for the period July, 2017 to March, 2018

Attached File : 2649671 20190814120442 2019 07 03 clarification regarding annual returns and reconciliation statement.pdf downloaded: 259 times

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POOJA SANKHLA (Student CA Final ) (31 Points)
Replied 14 August 2019

thank you all

Shivam RC (Student) (23683 Points)
Replied 29 August 2019

Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement and Audit Report in FORM GSTR-9C for the financial year 2017-18 has been extended from 31st August, 2019 to 30th NOVEMBER, 2019.

REMOVAL OF DIFFICULTY ORDER No. 07/2019-CT dated 26.08.2019, issued by the CBIC Department.

Hence, the latest Due Date to file ANNUAL RETURN ( GSTR-9 and GSTR-9A ) and Reconciliation Statement and Audit Report ( GSTR-9C ) is 30.11.2019.