Get GST Audit in Bangalore with Taxmuneem

1. Need for GST Audit in Delhi GST is a trust-based taxes regime in which a taxpayer is called for to self-assess his tax liability, pay tax obligations and documents returns. Thus, to guarantee whether the taxpayer has correctly self -evaluated his tax liability a robust audit system is a must. Various steps are taken by the government for proper implementation of GST Audit is one amongst them. Audit under GST involves examination of records, returns and various other documents kept by a GST signed up person. It also guarantees the accuracy of turnover stated, taxes paid, reimbursement claimed, input tax credit availed and also assess various other such conformities under the GST Act to be checked by an authorized professional. Turnover-based Audit under Section 35( 5) of CGST Act If the annual turnover of a signed up taxpayer is even more than Rs. 2 crores in a financial year, he is needed to get his accounts examined by a Chartered Accountant or Cost Accountant annually.

2. A financial year covers the 12-month duration starting from April of a schedule year to March of the following calendar year. Special Note: For the purpose of figuring out the turnover limit for Financial Year 2017-18, it consists of the first quarter of 2017-2018 i.e. 1st April 2017 to 30th June 2017, before GST was applied. If the annual turnover of a signed up taxpayer is greater than Rs. 2 crores in a fiscal year, he is called for to obtain his accounts examined by a Chartered Accountant or Cost Accountant every year. A fiscal year covers the 12-month duration starting from April of a schedule year to March of the following calendar year. Special Note: For the objective of learning the turnover limitation for Financial Year 2017-18, it consists of the initial quarter of 2017-2018 i.e. 1st April 2017 to 30th June 2017, before GST was carried out. Aggregate turnover is calculated as follows: Accumulated turnover = Value of all taxable (inter-state and intra-state) materials + excluded products + export products of all items and also solutions

3. The complete turnover computation should be PAN-based, which indicates that once the turnover under the PAN is greater than Rs. 2 crores all business entities signed up under GST for that PAN will certainly be responsible for GST audit for a fiscal year. Contact Us Address: B-8, 1st Floor, New Multan Nagar, Opposite Metro Pillar no. 230, Delhi-110056. Phone no: 8130386000 https://www.taxmuneem.com/gst-audit/