GST Audit And Advisory Services

Audit under GST involves examination of records, returns and other documents maintained by a GST registered person.

GST audit also ensures, the correctness of declared Turnover, Taxes paid, Refund claimed, Input Tax Credit availed and assess other compliances, as well, under GST Act, and hence, to ensure, whether a registered taxpayer has correctly self -assessed his tax liability, a robust audit mechanism is a must.

Aggregate Turnover is calculated as follows:

Aggregate turnover = Value of all Taxable (inter-state and intra-state) Supplies + ExemptSupplies + Export Supplies of all Goods and Services

The Total Turnover calculation must be PAN-based, which means that once the turnover under the PAN is more than Rs. 2 crores all business entities registered under GST for that PAN will be liable for GST audit for a financial year.