Audit Under GST

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As per section 35(5) of CGST Act, 2017, Every registered person whose turnover during a financial year exceeds the prescribed limit (As per latest GST rules, the turnover threshold is Rs.2 Crores) shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of audited annual accounts, reconciliation statement under section 44(2) and other documents in such form and manner as may be prescribed before 31st of December of subsequent year.

gst-audit

We at BCS conduct the audit of books of account under GST provisions covering the following aspects:

  • Review of classification of goods and services as per HSN system
  • Review of outward liability on monthly basis to match the GST returns filed
  • Review of eligible Input tax credit claimed during the audit period
  • Review of tax return filed during the year as per the due dates prescribed
  • Review of reconciliation report and annual return filed
  • Review of exemptions and concessions availed during the period We ensure to add value to our service rather than merely a certification activity.

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Frequently Asked Questions

Registered individuals who exceed a turnover threshold of INR 2 crore during a financial year need to undergo GST audit.

Here are some of the documents required for GST audit:

  • Balance sheets
  • Trial balance for the particular GSTIN
  • Income tax audit report
  • Statutory auditor’s report
  • Cost audit report
  • GST returns

To conduct a GST audit, you need to hire a chartered accountant and show him your books. He will audit the data and prepare a report on the findings.

You can rely on the chartered accountants at BC Shetty & Co. to conduct the GST audit on your behalf. They will carefully go through your accounts and come up with detailed findings on the same.

The auditors at BC Shetty & Co. will review the classification of goods and services as per the HSN system. They will also review the outward liability on a monthly basis to match the GST returns filed.

You can drop a mail to shivashankara@bcshettyco.com or contact us at 08023443636.