*GST Audit by CAs* *GST AUDIT -- Section 2(13):* It is an examination of records, returns and other documents maintained by the registered person under this Act to verify: • the correctness of turnover declared, • taxes paid, • refund claimed and • input tax credit availed, and • to assess his compliance with the provisions of this Act or the rules made thereunder; *COMPULSARY AUDIT OF GST – SECTION 35(5):* • every registered person • whose turnover during a financial year exceeds Rs. 2 crores • gets his accounts audited by a CA or CWA *ANNUAL RETURN (GSTR 9C) SECTION – 44(2)* GSTR 9 should be filed by the regular tax payers filing GSTR 1, 2, & 3 whereas, the registered person *who is liable to get their accounts audited* under this act shall file return in form *GSTR 9C.* alongwith: • copy of audited annual accounts and • Reconciliation statement of tax already paid and tax payable as per audited accounts. *PENALTY:* *1. In case of failure to file annual return:* Rs. 100 per day per act subject to maximum of 0.25% of state turnover. *2. In case of failure to get accounts audited from CA:* upto Rs. 25,000/- 🙏Thank you🙏
CA HARSHAD VAGHELA
Mo 8140186390
