GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rs 2 crores, by the sale of goods or services in the financial year.

Turnover-based Audit under Section 35(5) of CGST Act:

If the annual turnover of a registered taxpayer is more than Rs. 2 crores, in a financial year, he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.

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.

For any kind of assistance, contact Mr.Manohar B V, FCA, MCom @ manohar@mbvca.in / 9916870055