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GST Audit – An Overview
GST Audit is a detailed examination of a taxpayer’s records and returns filed under Goods and Services Tax (GST) laws in India. Businesses with turnover above the prescribed limit must undergo an audit by a Chartered Accountant or Cost Accountant. The audit ensures accuracy in returns, proper claim of input tax credits, and compliance with tax laws.
Mandatory for High Turnover:
Businesses with annual turnover exceeding ₹2 crore are required to get their accounts audited under GST laws.
Ensures Compliance Accuracy:
Audit reconciles sales, purchases, input tax credit, and tax payments with financial records.
Avoids Legal Notices:
Timely audit and filing prevent interest, penalties, and GST audit notices from authorities.
Documents Required for GST Audit
To successfully complete your GST Audit, the following documents are required:
GSTIN and GST Return Filings (GSTR-1, GSTR-3B, GSTR-9)
Audited Financial Statements
Purchase and Sales Register
Input Tax Credit (ITC) Ledger and Reconciliation Statement
Payment Challans and Tax Payment Proof
Digital Signature Certificate (DSC) of Authorized Signatory
GST Audit Timeline
GST Audit process generally takes 7 to 15 working days based on volume of transactions. The final audit report (GSTR-9C) is filed along with the annual return by 31st December of the following financial year.
Frequently Asked Questions
- Who is Required to Undergo GST Audit?
- What is GSTR-9C in GST Audit?
- What Happens If GST Audit is Not Done?
