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Service Code : 35
Every registered person 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, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.
Based on these provisions, GST Audit will apply every year for those GST Registered Businesses (GSTIN), whose turnover by Supply of Goods or Service is more than Rs. 2 Crores.
A financial year covers the 12-month period beginning from April of a calendar year to March of the next calendar year.
It is highlighted here that the turnover will be taken for “whole Year” therefore the turnover value of first quarter of pre GST period will be also added to calculate Aggregate Turnover.
