GST Audit ( Upto 5 Crore)

Under the Goods and Services Tax (GST) regime, taxpayers whose annual turnover exceeds Rs. 5 crore are required to get their accounts audited by a Chartered Accountant or Cost Accountant. However, for taxpayers with an annual turnover of up to Rs. 5 crore, the audit is optional.

If you decide to get your accounts audited as a small taxpayer, here are the steps you can follow:

Step 1: Engage a Chartered Accountant or Cost Accountant

Engage a Chartered Accountant or Cost Accountant to conduct the audit of your accounts.

Step 2: Prepare the documents

Prepare all the documents required for the audit, such as balance sheet, profit and loss statement, purchase and sale register, and GST returns.

Step 3: Provide access to the auditor

Provide access to the auditor to all the relevant books of accounts, documents, and information.

Step 4: Conduct the audit

The auditor will conduct a thorough audit of your accounts to ensure that they are compliant with the GST regulations.

Step 5: Prepare the audit report

Once the audit is completed, the auditor will prepare an audit report and provide it to you.

Step 6: File the GST Annual Return

File the GST Annual Return with the audit report and other necessary documents before the due date.

In summary, getting your accounts audited as a small taxpayer under the GST regime is optional. If you choose to do so, you can engage a Chartered Accountant or Cost Accountant to conduct the audit of your accounts. Once the audit is completed, you need to file the GST Annual Return with the audit report and other necessary documents before the due date.