If the annual turnover of a registered taxpayer is more than Rs.2 crore^ in a financial year , he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year. A financial year covers the 12-month period beginning from April of a calendar year to March of the next calendar year. Special … See more Audit under GSTinvolves examination of records, returns and other documents maintained by a GST registered person. It also ensures … See more ^For businesses with an annual turnover of less than Rs 5 crore, filing of GSTR-9C up to FY 2024-20 is waived off via various CBIC notifications. The applicability of GST audit by CA/CMA is to be removed from the financial … See more Only a Chartered Accountant or a Cost Accountant can perform a GST Audit u/s 35. Points to Note: 1. An internal auditor cannot parallelly be … See more WebMar 18, 2024 · Raise GST exemption threshold to Rs 1.5 cr, do away with state-wise registration of biz: GTRI The reduced load-on system will allow the GSTN to introduce an invoice-matching concept, resulting in 100 per cent compliance and solving the problem of fake invoices and tax theft.
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WebAug 4, 2024 · Every individual who engages in the sole supply of products and has an annual aggregate turnover of more than Rs 40 lakh is required to register for GST. Previously, the limit for a provider of products was 20 lakhs. By notification No. 10/2024-Central Tax, dated 07.03.2024, the amount was raised to 40 lakhs. http://kb.icai.org/pdfs/PDFFile5b43308a011791.30878227.pdf how often can cortisone be given
GST Audit Checklist FY 2024-22 - TaxGuru
WebA GST Audit can be classified into three types which are as described below:. 1. GST Audit based on Turnover: Every business with an annual turnover over Rs. 2 Crores must be audited.The business can appoint a Chartered or a Cost Accountant for this purpose. 2. GST audit by tax authorities: General Audit: The Commissioner or any other officer can … WebSep 15, 2024 · GSTR 9 and GSTR 9C for FY 2024-19 due date, applicability & its relaxations. The due date of filing the GSTR 9 Annual return and GSTR 9C Audit for FY 2024-19 is 30th Sept 2024 [ NN 41/2024 – CT] – However it may extend to December 2024 due to the COVID outbreak and there having several representations made for the same. WebJun 12, 2024 · Yes u/s 44AB (e) 2. 1. However GST Audit will be applicable if registered under GST (GST Audit threshold limit being Rs 2 crore). 2. If total income exceeds basic exemption limit only then tax audit is applicable. 3. Audit will not be applicable since the assessee can go for presumptive taxation scheme u/s 44AD. 4. how often can coricidin be taken