Examination of records, returns and other documents maintained or furnished by registered person under this Act or rules made there under any law for the time being in force to verify the Correctness of turnover declared, taxes paid, refund Claimed, input tax availed, and to assess his Compliance with the provisions of this Act or rules made there under.
As per Sec 35(5) of CGST Act, Every registered person whose aggregate turnover Exceeds Rs.2 Crores during a Financial Year should conduct GST Audit.
Here Aggregate Turnover means addition of all Taxable Supplies (Excluding the inward Supplies on which RCM i.e Reverse Charge Mechanism is applicable), Exempt Supplies, Export of Goods/Services or both and Interstate Supplies of Persons Having the Same PAN but Excluding Taxes.
A Chartered Accountant or Cost Accountant is eligible to conduct the GST Audit.
Auditor has to certify the reconciliation statement in GSTR-9C.
Some Points to be remembered while conducting GST Audit by Auditors: -
Such registered person along with annual return he has to Furnish electronically a Copy of