GST ACCOUNTS, AUDIT, RECONCILIATION STATEMENT

GST AUDIT LIMIT

 

Every registered person , other than a person registered under Section 10 (Composition Taxpayer) ,  whose aggregate turnover during a financial year exceeds Two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified by a Chartered Accountant or Cost Accountant , in FORM GSTR-9C along with the annual return in Form GSTR 9 electronically through the common portal either directly or through a Facilitation Center notified by the Commissioner.

For the FY 2017-18 due date to file GSTR9 and GSTR9C has been extended till 31.01.2020 by the GST Council in the recent meeting. For FY 2018-19 the due date is 31.03.2020.

Read Also GST COUNCIL Decisions

For the purpose of calculating aggregate turnover to determine the eligibility for GST Audit , period from July 2017 to March 2018 may be taken as per the GST Press Release. 

 

As per the Guidance note of ICAI , Turnover for the full year April 2017 to March 2018 shall be taken to avoid any kind of disputes later on. 

Read Also : Which books must be kept in GST?

Where to keep GST books ?

 

Every registered person in GST shall maintain and keep such books and records as per the provisions of GST Act at the principal place of business from where the business is usually carried on by him.

 
Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business:
Provided further that the registered person may keep and maintain such accounts and other particulars in electronic form in such manner as may be prescribed.
 
  • Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter, irrespective of whether he is a registered person or not, shall maintain records of the consignor, consignee and other relevant details of the goods in such manner as may be prescribed.
 
  • The Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.
 
  • Where the Commissioner considers that any class of taxable person is not in a position to keep and maintain accounts in accordance with the provisions of this section, he may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed.

Read Also : GST ITC FORMS IN GST PORTAL

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