Gst Audit Filling

GST Audit is applicable every year for those GST Registered Businesses (GSTINs) whose turnover from the sale of goods or services in a financial year is more than Rs 2 crore. It is dealt with under sections 35(5) and 44(2) of the CGST Act.

Need for GST Audit and meaning

Audit under GST involves an examination of records, returns, and other documents maintained by a GST registered person. It also ensures the correctness of declared turnover, input tax credit availed, tax paid, refund claimed and other such compliances under the GST Act to be examined by an authorized expert.

GST is a trust-based taxation regime that requires a taxpayer to self-assess his tax liability, pay taxes, and file returns. Thus, a robust audit mechanism is necessary to ascertain whether the taxpayer has correctly self-assessed his tax liability. Several measures are taken by the government for proper implementation of GST and audit is one of them.

Gst Audit Filling.