GST is mandatory for all entities whose annual turnover from business is more than Rs 2 crore as per Section 35 of the GST Act , 2017. GST Audit include reconciliation of GST returns , reports and ledgers of the taxpayer conducted by a Cost Accoutant or a Practising Chartered Accountant (CA).
The taxpayer under the GST Audit Compliances is required to submit a GST Audit report after submission of GST Annual Return ( GSTR 9 Form ) along with the reconcilliation statements preparred by the GST Auditor. GST Audit includes examination of the outward /Inward Supplies , inventory , ledger payments , GST ledger balances, ITC claimed and utilized , GST net payable and receivable , e-way bills generated and the reconcilliation with books of accounts. For non-compliance of GST Audit compliances, a penalty of not less than Rs 200/- per day basis will levy on the taxpayer by the GST Department.
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