Aggregate Turnover will be calculated as follows :-. My Enrollment Number is 191800003155GPL would I attempt the NACIN Examination? For businesses with an annual turnover of less than Rs 5 crore, filing of GSTR-9C for FY 2018-19 has been  waived off. The purpose is to verify whether the turnover declared, taxes paid, refund claimed and input tax credit availed is correct. All taxable supplies other than supplies on which reverse charge is applicable. Every business entity engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 Lakhs in a financial year is required to be registered under the GST Act. – While computing the limit of Rs. Tax Audit Limit in the case of a Business: Rs.1Crore. 2 Cr., turnover of all the branches of an organization is be considered and if the cumulative turnover exceeds the limit of Rs. Ans - Same as above, as per Sr No 45(b)(iii) / 45(c)(iii) of Notification No. Supplies between distinct entities (in different States or separate business vertical). However, no rectification will be allowed after the tax filing is completed for the month of September, or the second quarter following the end of the financial year, or the actual date of tax filing of the relevant annual return - whichever is earlier. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. FY 20-21. The person registered under the GST Act, for facilitating the GST audit, shall keep and maintain his accounts to show the correct value in regards to: The “aggregate turnover” is the aggregate value of all taxable supplies, exports of goods or/and services or both, exempt supplies and interstate supplies of persons having the same PAN, to be computed on all India basis. 20 lakh. I think, the interstate supply will be included for the purpose of aggregate turnover, why “Interstate supply of services” is excluded from the aggregate Turnover, The annual return is required to be filed electronically through Form GSTR 9C. For supply of services, aggregate turnover of Rs 20 Lakhs (10 Lakhs in special category States ) is the limit for registration. This step aims to incentivise digital transactions and r educe compliance burden. I have a question related to section 80DDB and wondering if you can help clarifying as I couldn’t able to find an answer. After the tax audit is completed, the tax officer should inform the registered person, within 30 days, about the findings, reasons for the findings and his rights and obligations. As per the applicability provisions specified by the GST Council, every registered taxable person whose turnover during a financial year crosses INR 2 Crore, should get his accounts audited by a chartered accountant or a cost accountant. Under section 2(13) of the CGST Act, an audit has been defined as an examination of records, returns and other relevant documents furnished or maintained by the person registered under the GST Acts or under any other law for the time being in force. Supplies provided outside India or received outside India. I have business and registered under GST, now I have received rental income 8000/- per month form commercial shop, is I am liable to pay GST Tax on rental income of Rs.8000/- per month or not. A GST taxpayer, whose turnover is below Rs 1.5 crore, can opt for the Composition Scheme. The person registered under GST who is required to get his books of accounts audited under GST Act shall submit the Annual Return electronically along with a reconciliation statement, reconciling the declared value of supplies in the GST return furnished for the financial year and a copy of the audited statement of accounts. whether advance received will be considered in turnover for the calculation of 5 Crore limit. The tax audit will be completed within 3 months from the date of commencement of audit, i.e. The Aggregate Turnover of all businesses registered under the same PAN would be taken into consideration to calculate turnover. Under special audit, the registered person will be directed to get his accounts audited by a Chartered Accountant or Cost Accountant nominated by the Commissioner. What Is the Difference Between Billing and Invoicing? Goods received from job worker on principal to principal basis. If the tax audit results in detection of unpaid tax or short paid tax or wrong refund or input tax credit wrongly availed or utilised, then the tax officer will initiate actions for recovery of the tax. Value of all (taxable supplies+ exempted supplies +Nil Rated supplies + Zero rated supplies +Non GST supplies ) – (Taxes & Cess under GST Act + inwards supplies +supplies under reverse charge ) of a person having the same PAN(Permanent Account Number) across all his business entities in India. My Aggregate Turn. The following are the key points to be kept in mind, as far as special GST audit is concerned: If any taxable person, after having furnished a return discovers any omission / incorrect details, via the audit results, he can rectify the same, subject to payment of interest. The term ‘audit’ under GST means the examination of records, returns and other documents maintained by a registered taxable person. * This is the most generic template file in a WordPress theme If any mistake/error is noticed in any filled returns during the financial year while auditing the books of accounts, the same can be rectified only in the annual return. Post the findings of the special audit, the taxable person will be given an opportunity of being heard, and provide justifications. With due respect I would like to ask you that I have enrolled my name under GST Portal as GST Practitioner on Sept 2018. * @since 1.0.0 Not yet received any reply from there end. For output services pertaining to period of March 2020,but invoices issued in April 2020 next FY so whether the turnover would be included in March 2020 i.e. Transactions which are neither supply of goods or service. ?>, Fast and Powerful Business Management Software for your growing business, Enterprise Class Product to improve your business efficiencies, Collection of Connected Services for TallyPrime, Extend, Customize or Integrate your Tally, to meet specific business needs. Analysis of GSTR-9C 18-162 Part I: Basic Details 19-20 Part II: Reconciliation of turnover declared in audited Annual Financial Statement with turnover declared in Annual Return (GSTR 9) 21-97 But in case of GST Audit such turnover of petrol/ diesel should be taken into consideration ? 2017-18) Tax Audit Limit for AY 2020-2021. Budget 2021: GST Audit by professionals scrapped? Sir please let me me know on what basis following transaction are excluded from definition of turnover. Accounts Receivables vs Accounts Payables, QRMP Scheme: Quarterly Return Monthly Payment Scheme (QRMP) in GST. Can You please explain why the followings are excluded from Turnover Threshold, Interstate supply of services Sir, can you add up to your above view about inclusion or exclusion of reimbursement of expenditure incurred for and behalf of customer. * @subpackage Tally The tax audit will be conducted at the registered person’s place of business or in his/her office. There have been demands t In case of Petrol Bunks though they may have crores of Supply of petrol which is exempted and small portion of oil which is taxable say for example only 2 Lakhs,they have to file 9C and reconcile the petrol supply as exempted supply. Can I claim for this treatment by providing concerned hospital issued letter? Introduction to GST Audit 1-10 2. The person will be informed about the tax audit by a notice at least 15 working days prior to the date of audit. The purpose is to verify whether the turnover declared, taxes paid, refund claimed and input tax credit availed is correct. Why Interstate supply of services not to be included in turnover. GST Audit Threshold and Rectifications So Kindly Guide……………. What is the threshold limit for Audit under GST? /** Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), How to calculate Aggregate Turnover under GST. It is expended like pure agent and not forming part of our service while deciding total turnover of Rs.2.00 crores. -Interstate supply of services 5 cr and oil sale is of Rs. please guide us whether we claim deduction U/S 80DDB for expenses incurred in connection with disease of Swine flu. For the financial year 2017-18, the GST period comprises of 9 months whereas the relevant section 35(5) uses the expression financial year; Therefore, in the absence of clarification from government, also to avoid any cases of default, it is reasonable to understand that to reckon the turnover limits prescribed for audit i.e., Rs. * E.g., it puts together the home page when no home.php file exists. If the special audit results in detection of unpaid tax or short paid tax or wrong refund or input tax credit wrongly availed or utilised, then the tax officer will initiate actions for recovery of the tax. Try out the all new, Tally is India's leading business management software solution company, which today enables ~2 million businesses worldwide. * Bhushan Parekh, Director, SME Solutions, said doubling the tax audit limit to ₹10 crore will improve ease of doing business for micro and small enterprises. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. For your kind information I mailed in this regards to GST help desk. Supplies provided outside India or received outside India. 01.03.2021, Formats Resolutions related to Banking Operations, Interesting facts about education loans that you may not know, Important Alert – Upcoming statutory Due Dates- You Must Know, Validity of Service Tax Notices Based on Form 26AS, Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client, Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C. * The following are the key points to be kept in mind, as far as the general GST audit is concerned: At any stage during a process of scrutiny, enquiry or investigation, if an officer or Assistant Commissioner feels that the value of tax has not been correctly declared or wrong credit has been availed, he can initiate a special GST audit, with prior approval of the Commissioner. I had a BULLECTOMY surgical operation in Bangalore on emergency base costing 2.75 lakh rupees and could not be claimed either from my parent organization or health insurance company. Sir, Thanks for elaborating the issue. Sec 35(5) specifies the word only Turnover,where as the relevant Rule 80 qualifies as Aggregate Turnover.Henceforth as per the definiticon of the word ‘Aggregate Turnover’,even Exempted supplies must also be considered for the purpose of threshold Limit of Rs 2 Cr. Now my question is for F.Y. Inspired by the way you work, Tally is designed to delight you. GST audit is conducted to verify the correctness of taxes paid, turnover declared, input tax credit (ITC) availed and a refund claimed, and to assess the compliance of the registered person with the provisions of the Acts and the rules made there under. 1 lac only, In VAT Act, VAT audit have been carried out. only from 2 Cr then every branch will be liable for GST audit irrespective of the fact that their individual turnover does not exceed the specified limit. from July 17 to March 18 or April 17 to March 18? Turnover (TO) for the FY, is it includes the VAT TO??? Aggregate Turnover of Rs.2 crore for the prupose of GSTR9C audit is per GST No.or per PAN No. As there are two views between professionals. What are the limitation on issuing Annual Turnover certificate by the CA if the Firm under section 44D as per IT Act, How to calculate the Turnover of Forex & Air Travel Agent ? This will also boost digital payments. Is it mandatory to have 10IA even though i have a medical handicap certificate.pleaae help. A reconciliation statement, reconciling the value of supplies declared in the annual return with the audited annual financial statement. However, the composition levy would be calculated on the basis of turnover in the State. * It is used to display a page when nothing more specific matches a query. A dealer having two GST No.under same PAN one is trading and one is renting income, in trading firm turnover above 5 cr and in renting TO is 2000000/, in this case are both the firm liable for GST Audit or only trading firm is liable for GST Audit. Sir, how will count the 2crore turnover exceed What is Letter of undertaking (LUT) Letter of Undertaking or LUT is an undertaking filed by an exporter of goods or service which permits him to export goods or services without payment of IGST subject to the condition that he will complete the process of export of goods or services within the prescribed time limit.. The annual return is required to be filed electronically through Form GSTR 9C, along with the audited statement of annual accounts, the reconciliation statement and other documents as prescribed as per the GST law. The aggregate turnover also excludes Central tax, State tax, Union territory tax, Integrated tax and cess. Is there way i can get it automatically or it’s all manual process of tracking my statements ? Both the reconciliation statement and the copy of audited annual accounts, duly certified, is to be furnished by the registered person in Form GSTR-9C along with the annual return. FY 19-20 or in April 2020 i.e. Is it require to carry out GST audit in such cases ? July-17 to March-18 or for whole FY i.e April-17 to March-18 as e.g. What is the treatment of my agriculture income if my other source income is not above the basic tax slab, I am a orthopaedic disabled person with 66% government employee, please tell me about tex rebate,like standard deduction, transport allowance,80u, and many more… regards k.l.verma, My brother has a medical certificate issued by government hospital stating 50% disability but while the aasessing officer is asking for form 10IA and rejected my claim. (In the case of Special Category States, the present limit is Rs 75 lakh.) The states have an option to opt for a higher limit of Rs 40 Lakhs or continue with the existing limits of Rs 20 Lakhs (10 Lakh for special category States ). 2017-18 for G.S.T. turnover should be calculated as a whole basis, Your email address will not be published. The above is evident from the fomat of reconvciliation statment which at the beginning included the turnover from April’17 to June’17 and later deduct the same to compute the turnover. and also liable for GST Audit. The period of tax audit can be extended by another 6 months if the Commissioner feels that the audit cannot be completed in 3 months. The turnover would be $66,000, with $6,000 owed to the ATO. Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. Help me out here. 2016-17 (A.Y. Audit purpose whether turnover is to be considered From July 2017 to March 2018 or from April 2017 to March 2018. My question is, am i liable for GST Audit for those units whose Turnover is Nil or less than 2 Crores ?. Under […] Puducherry, Meghalaya, Mizoram, Tripura, Manipur, Sikkim, Nagaland, Arunachal Pradesh, Uttarakhand  are the special Category States who opted for new limit of Rs.20 lakh. The GST Council  increased the threshold limits for GST registration w.e.f 01 April 2019 . It means an assessee needs to be audited under Sec 44AB if his annual gross turnover/receipts in business exceeds Rs. This period can be further extended by the tax officer for 90 days, on an application made by the taxable person or the auditor. Transactions which are neither supply of goods or service. However, such taxable supplies do not include the value of inward supplies on which GST is being paid under reverse charge basis. Turnover for GST Audit Purpose to be seen on the basis of Full year i.e., from 01.04.2017 to 31.03.2018. you may also refer the technical guide portion. 1. 5  crores per annum.”. If I purchase tickets in FY: 2018-19 for travel in FY:2019-30, can I claim tax benefits in FY: 2019-20. */ Every person registered under GST Act, whose aggregate turnover exceeds the prescribed limit (i.e. Turnover in financial year is 2 crore , my question is 2 crore in GST F.Y i.e. rupees 5 crores in a financial year, then the registered person shall get his accounts audited by a (CA) Chartered Accountant or a (CMA) Cost & Management Accountant as per GST Rules. However, the composition levy would be calculated on the basis of turnover in the State. Thus, he shall electronically file: A Commissioner or any officer authorised by him can undertake general GST audit of any registered taxable person. 2 crores one has to reckon the turnovers for the whole of the financial year which would also include the first quarter of the financial year 2017-18_Source Technical Guide issued by ICAI_Page4. Copyright © TaxGuru. For the purpose of GST Audit, the term Aggregate Turnover means  “All India PAN-BASED  turnover for a particular financial year”. The limit has been increased for exclusive supply of goods only. 1. Thus, if a taxable entity having multiple GSTIN has aggregate turnover as per its Annual Financial Statement, separate reconciliation statement and Audit Report is required from each branch/division/factory even if aggregate turnover of such branch/division/factory is less than Rs. Certificate.Pleaae help of less than 2 crores in a particular financial year attempt NACIN., which today enables ~2 million businesses worldwide opportunity of being heard, and provide justifications Composition Scheme is Q1! How will count the 2crore turnover exceed is it includes the VAT to??????... Different from turnover in the annual Return with the audited annual financial statement hospital issued?... Sir please let me me know on what basis following transaction are excluded from definition turnover. 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