{"id":2801,"date":"2017-07-19T11:15:37","date_gmt":"2017-07-19T05:45:37","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=2801"},"modified":"2020-11-04T14:15:00","modified_gmt":"2020-11-04T08:45:00","slug":"provisions-of-audit-under-gst","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/provisions-of-audit-under-gst\/","title":{"rendered":"What are the Provisions of Audit Under GST"},"content":{"rendered":"

In this article let us discuss the provisions relating to Audit under GST<\/strong> laws. But let’s try and understand what the audit is, and what is its significance?<\/p>\n\n\n\n

Meaning of Audit<\/h2>\n\n\n\n

The audit is basically a systematic and independent examination of financial records and accounts of an organization to verify its correctness. If the proper audit is conducted at specified regular intervals, it increases the value and credibility of the organization and builds up investor confidence. The audit can be internal or external.<\/p>\n\n\n\n

Internal audit<\/a> is when the organization keeps a regular track or their functions through analysis, monitoring, and examination of their activities and an external audit is when an outside party like a chartered accountant or any government appointed an officer to conduct this analysis of the financial records of the organization.<\/p>\n\n\n\n

Audit under GST<\/h2>\n\n\n\n

Like other laws, GST laws also provide for Auditing provisions. As we have discussed the purpose of the audit is to check the authenticity of the documents and records of the taxpayer registered under GST. A few of the details checked under GST audit are GST invoices<\/strong><\/a> declared turnover, taxes paid, refunds and ITC claimed, etc.<\/p>\n\n\n\n

Audit under GST can be of the following types:<\/strong><\/p>\n\n\n\n

\"Audit<\/figure><\/div>\n\n\n\n
  1. The audit is done by the taxable person themselves.<\/li>
  2. An audit ordered by the Commissioner of Goods and Services Tax. (Tax Authorities)<\/li>
  3. Special GST audit<\/li><\/ol>\n\n\n\n

    Audit under GST: Self-Audit Done by Taxable Person<\/h2>\n\n\n\n

    This audit is not ordered by any tax authority, it is a threshold-based audit requirement. Sub-section 2 of Section 44 under the Chapter of Returns under the CGST Act,2017<\/strong>[1]<\/a><\/sup> states the provisions relating to audit by a taxable person. This section requires any registered taxpayer whose aggregate turnover during a financial year exceeds the threshold limit of Two Crores Rupees are required to get their accounts audited by a chartered accountant or a cost accountant.<\/p>\n\n\n\n

    They are required to furnish a return in FORM GSTR-9C, which shall include a certified copy of the following:<\/p>\n\n\n\n