GST Audit

Audit, under GST, is defined as a process to verify the correctness of turnover declared, taxes paid, refund claimed, input tax credit availed, and a process to assess compliance with the provisions of the GST Act. An audit is done by examining the records, returns, and other documents maintained by the taxable person (person subject to audit). This process is undertaken by the taxable person himself as well as the tax authorities, depending on the type of audit.Taxpayers, whose annual turnover is more than Rs. 2 crores in a financial year, are required to get audited by CA every year, under Section 35(5) of the CGST Act. Advantages and disadvantage bound to GST audit are as follows:-