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GST Audit

Assurance over information in Financial Statements help to navigate complexity & brings transparent information to investors & stakeholders.

Eliminate Cascading
GST Procedures

Audit under GST means inspection of returns, records and other documents furnished by the taxpayer. GST Audit is carried out to check whether the turnover, taxes paid, ITC refund claimed and ITC availed mentioned in his annual report are true and fair or not. Moreover, a GST Audit helps in evaluating whether the taxpayer is compliant with the GST provisions.

Lex Koterie LLP, emphasizes on self-assessment processes, offers a qualitative value added services encompassing a comprehensive review of all GST records, providing recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance. The level of tax compliances prevailing and the complex nature of tax laws in our country make it necessary for audit of records under various laws. Therefore, our experienced professionals provide GST audit above certain limits.

Eligibility for audit under GST

Any registered taxable person whose annual *aggregate turnover exceeds the limit as prescribed by the department during a financial year needs to get their accounts audited. The eligible taxpayer can get their records and account audited either by a CA (Chartered Accountant) or a CWA (Cost and Work Accountant).

It shall be noted that the audit under GST is carried out state-wise. This is the reason why a separate GST audit is done for each unique registrations under the same Permanent Account Number (PAN).

*Aggregate Turnover under GST is calculated as follows:

Value of all taxable supplies whether inter-state or intra-state + exempt supplies + supplies made outside India (export supply)

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Types of Audit under GST

There are three types of audits under GST and these are:

Types of Audit
When is it carried out?
Carried out by whom?
Turnover based
It is carried out when the aggregate turnover of the taxpayer exceeds the limit as prescribed by the department.
Chartered Accountant/Cost Accountant appointed by the taxpayer.
General Audit
It is carried out after the order is passed by the commissioner. However, it is important to give 15 days prior notice.
CGST/SGST commissioner or any other person authorized by them.
Special Audit
It is carried out after the order is passed by the deputy or assistant commissioner after the prior approval of GST commissioner.
Chartered Accountant / Cost Accountant appointed by the commissioner.

Appointment of GST Auditor

At the beginning of the financial year, the proprietor in case of sole-proprietor, a partner in case of LLP or Partnership Firm and the Board of Directors (BOD) in a case of a company can appoint the GST auditor.

Accounts audited by the GST Auditor

Here is the list of documents that need to be audited by the GST auditor:

Benefits of GST Audit
Lex Koterie LLP provides GST Advisory & Compliance Services

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