Threshold Limit for Audit under GST by CA/CMA
Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crore^. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant. Such taxpayer shall electronically file: An annual return using the Form GSTR 9 by 31st December of the next Financial Year The audited copy of the annual accounts A certified reconciliation statement in the form GSTR-9C, reconciling the value of supplies declared in the return with the audited annual financial statement Any other particulars as prescribed