GST Audits
Summary
GST Audits refer to the examination of a taxpayer’s records, returns, and other relevant documents to ensure compliance with the Goods and Services Tax (GST) law in India. The GST audit aims to verify the correctness of the GST returns filed, the accuracy of tax paid, and whether the taxpayer is eligible for any input tax credit (ITC). GST audits help ensure that businesses adhere to the provisions of the GST Act and prevent fraudulent claims of ITC or incorrect tax payments.
Who Requires a GST Audit?
1. Taxpayers Who Need to File GSTR-9C
If a business’s turnover exceeds ₹5 crore in a financial year, it is required to file GSTR-9C, which includes the GST audit report. The audit must be carried out by a Chartered Accountant (CA) or a Cost Management Accountant (CMA).
2. Taxpayers with Lower Turnover
While taxpayers with turnover under ₹5 crore are not mandated to file GSTR-9C, they still need to file GSTR-9 (annual return), which is a simplified form of self-reconciliation.
3. GST Audits by the Tax Department
The GST department may conduct audits for any business, regardless of turnover, to ensure that the taxpayer is complying with the provisions of the GST law. Taxpayers may be selected for GST audits based on risk-based assessments or specific red flags (such as discrepancies between returns and payments).
Summary of Documents & Requirements
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Headquarter
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