+91 7405458029

GST Annual Return (GST AUDIT) in Surat

Ask our experts now

Online Chartered can help you form a producers company in most convenient way.

Get Quote

Get Free Consultation

    Home
    GST Compliance
    GST Annual Return (GST AUDIT)

    Meaning of GST AUDIT & TYPES OF GST AUDIT

    GST AUDIT simply means verification of GST returns with that of the books of accounts and income tax audit report. This examination is undertaken to check the correctness of the turnover mentioned, taxes paid, refund claimed and ITC availed. Further, this scrutiny is undertaken to evaluate the taxpayer’s compliance with the provisions of the Act. GST AUDIT is the detailed approach towards verifying the correctness of the declaration made in GST returns.

    There are three types of GST AUDIT.

    The process for voluntary strike off involves several steps:

    REGULAR GST AUDIT (SECTION 35(5)

    GST AUDIT BY TAX AUTHORITIES

    SPECIAL GST AUDIT

    The applicability of GST audit

    As per the applicability provisions specified by the GST Council, every registered taxable person whose turnover during a financial year 2021-22 crosses INR 2 Crore, shall file Annual return in form GSTR-9 for F.Y. 2021-22.

    And those taxpayers whose turnover in F.Y. 2021-22 exceeds 5 Cr. Shall also file self certified reconciliation statement in form GSTR-9C along with Annual return in form GSTR-9.

    As of now, the central government has exempt taxpayers whose turnover is up to 2 cr in financial year 2021-22 from filing of annual return.

    GST annual return filing forms (GST audit forms)

    The GST annual return is to be submitted in form GSTR 9. Those taxpayers who are registered as composition taxpayers are required to file annual return in form GSTR-9A.

    The reconciliation statement along with GSTR-9 is to be submitted in form GSTR 9C (if applicable).

    Due dates for filing GSTR-9 & GSTR-9C

    The due date for filing GST annual return along with reconciliation statement is 31st December of the next Financial Year.

    So, The due date for filing of GSTR-9 and GSTR-9C for F.Y 2021-22 is 31st of December 2022.

    If any person who are required to file annual return but fails to file GST annual return will have to pay late fees for GST audit at Rs. 100 per day for CGST and Rs. 100 per day for SGST.

    Checklist to conduct GST audit

    The auditor should keep in mind the following points while conducting GST audit.

    1. Reconciling GSTR 3B with GSTR 1 & GSTR 2A.

    2. Interest and penalties in GST Act have been correctly paid.

    3. Amendment in GST returns has properly reported.

    4. All ITC have been taken care off.

    5. Reversal of input tax credit in case of non-payment within 180 days

    6. Reviewing e-way bill and matching with invoices.

    7. Cross check GST returns with books of accounts to reconcile sale, purchases, expenses, disposal of assets.

    8. Cross check with income tax audit report.

    Get answers to all your queries

    WHAT IS THE MEANING OF TURNOVER?

    Aggregate turnover = Value of all taxable (inter-state and intra-state) supplies + exempt supplies + export supplies of all goods and services

    WHAT ITEMS TO BE EXCLUDED WHILE CALCULATING TURNOVER?

    1) Inward supplies on which tax is paid under reverse charge. 2) All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess. 3) Goods supplied to or received back from a Job Worker. 4) Activities which are neither supply of goods nor service under schedule III of CGST Ac

    WHAT ARE THE DOCUMENTS AN AUDITOR NEEDS TO VERIFY DURING GST AUDIT?

    1) Sales Register along with GST Returns 2) Stock Register along with tansitional forms filed under GST 3) Purchase Register and Expenses ledgers along with GST Returns 4) Input tax credit availed and utilized along with its hard copies or soft copies of invoices 5) Output tax payable and paid 6) E-way bills generated during the period under Audit, if in compliance with rules. 7) Any documents that record communications from the GST department relating to the year. 8) Income tax audit report 9) Outstanding list of creditors to verify the eligibility of ITC and any reversal thereon

    WHAT ITEMS TO BE INCLUDED WHILE CALCULATING TURNOVER?
    1) All taxable (inter-state and intra-state) supplies other than supplies on which reverse charge is applicable 2)Supplies between separate business verticals. 3) Goods supplied to/received from job worker on principal to principal basis. 4) Value of all export/zero-rated supplies. 5) Supplies of agents/ job worker on behalf of the principal. 6) All exempt supplies. E.g. Agricultural produce supplied along with branded ready-to-eat food. 7) All taxes other than those covered under GST Eg: Entertainment Tax paid on the sale of movie tickets.
    WHAT ARE THE FORMS FOR GST AUDIT & ANNUAL RETURNS?

    Whether or not applicable to GST Audit: 1) A Regular taxpayer filing GSTR 1 and GSTR 3B: GSTR-9 2) A Taxpayer under Composition Scheme: GSTR-9A 3) E-commerce operator: GSTR-9B Applicable for GST Audit: 1) Taxpayers whose turnover exceeds Rs. 5 crores in previous FY: GSTR-9C

    WHAT ARE THE ATTACHMENTS WITH FORM GSTR 9C?

    An audited financial statements i.r Profit and loss account , Balance sheet and cash flow statement (if applicable) are required to be attached with FORM GSTR 9C.