FY 19-20 or in April 2020 i.e. Difference between Aggregate Turnover and Turnover in a State : Submit Letter of Undertaking (LUT) for FY 2021-22 by 31.03.2021, Taxability of Interest on Excess PF Contribution, An Overview of Companies (CSR Policy) Amendment Rules 2021, Employer’s Responsibility For TDS Under Income Tax Act, Section 44 of CGST Act 2017 – Annual GST Return, Budget 2021: Amendments proposed in Section 74, 107, 151, 152 & 168 of CGST Act, 2017, Proposed prosecution amendments under GST vide Budget 2021, Extended power under Section 83 of CGST Act, 2017 by Finance Bill, 2021, Amount received for security services including amount of wages for guards taxable @18%, Fino Payments Bank Limited included in Second Schedule of RBI Act, 1934, SOP for Vehicle Location Tracking, registration & activation in VAHAN, Physical hearing by NCLT Benches w.e.f. Because different % of total value of transaction only considered as taxable value 5 crore rupees) during the financial year, is required to get his books of accounts audited by a (CA) Chartered Accountant or a (CMA) Cost and Management Accountant. ), Inward supplies on which taxes are paid under reverse charge, Taxes and cesses under Goods and Service Tax, Goods supplied for or received back u/s 143 (job work). If the tax audit results in detection of unpaid tax or short paid tax or wrong refund or input tax credit wrongly availed or utilised, then the tax officer will initiate actions for recovery of the tax. rupees 5 crores in a financial year, then the registered person shall get his accounts audited by a (CA) Chartered Accountant or a (CMA) Cost & Management Accountant as per GST Rules. Can You please explain why the followings are excluded from Turnover Threshold, Interstate supply of services Goods supplied to job worker on principal to principal basis. Analysis of GSTR-9C 18-162 Part I: Basic Details 19-20 Part II: Reconciliation of turnover declared in audited Annual Financial Statement with turnover declared in Annual Return (GSTR 9) 21-97 For output services pertaining to period of March 2020,but invoices issued in April 2020 next FY so whether the turnover would be included in March 2020 i.e. Tax Audit Limit in the case of a Business: Rs.1Crore. A GST registered business with a $60,000 GST turnover would have had to collect an extra $6,000 on top for GST purposes by charging an extra 10% for their services. – While computing the limit of Rs. As per section 2 (6) of the Act for Aggregate Turnover-  “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess. As there are two views between professionals. * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ Copyright © TaxGuru. Why Interstate supply of services not to be included in turnover. The turnover would be $66,000, with $6,000 owed to the ATO. The following are the key points to be kept in mind, as far as special GST audit is concerned: If any taxable person, after having furnished a return discovers any omission / incorrect details, via the audit results, he can rectify the same, subject to payment of interest. But in case of GST Audit such turnover of petrol/ diesel should be taken into consideration ? Ans - Same as above, as per Sr No 45(b)(iii) / 45(c)(iii) of Notification No. A special audit can be conducted, even if the taxpayer’s books have already been audited before. The reasons for the extension have to be recorded in writing. Transactions which are neither supply of goods or service. A reconciliation statement, reconciling the value of supplies declared in the annual return with the audited annual financial statement. The aggregate turnover is different from turnover in a State. The tax audit limit is applicable from F.Y. Sir, can you add up to your above view about inclusion or exclusion of reimbursement of expenditure incurred for and behalf of customer. audit has to be completed within 90 days. Bhushan Parekh, Director, SME Solutions, said doubling the tax audit limit to ₹10 crore will improve ease of doing business for micro and small enterprises. In GST audit 2 cr. If the special audit results in detection of unpaid tax or short paid tax or wrong refund or input tax credit wrongly availed or utilised, then the tax officer will initiate actions for recovery of the tax. This step aims to incentivise digital transactions and r educe compliance burden. Turnover means for Full year From April to March…whether Turnover should exclude VAT tax, Cst tax, GST tax? * E.g., it puts together the home page when no home.php file exists. With due respect I would like to ask you that I have enrolled my name under GST Portal as GST Practitioner on Sept 2018. However, such taxable supplies do not include the value of inward supplies on which GST is being paid under reverse charge basis. The purpose is to verify whether the turnover declared, taxes paid, refund claimed and input tax credit availed is correct. Accounts Receivables vs Accounts Payables, QRMP Scheme: Quarterly Return Monthly Payment Scheme (QRMP) in GST. The aggregate turnover is different from turnover in a State. What is the threshold limit for Audit under GST? 1. The above is evident from the fomat of reconvciliation statment which at the beginning included the turnover from April’17 to June’17 and later deduct the same to compute the turnover. * This is the most generic template file in a WordPress theme Turnover for GST Audit Purpose to be seen on the basis of Full year i.e., from 01.04.2017 to 31.03.2018. you may also refer the technical guide portion. 1 lac only, In VAT Act, VAT audit have been carried out. All Rights Reserved. For the purpose of GST Audit, the term Aggregate Turnover means  “All India PAN-BASED  turnover for a particular financial year”. * It is used to display a page when nothing more specific matches a query. Exempt supplies under GST: exempt via any notification, non-taxable supplies (like Diesel, Petrol, Liquor etc. whether advance received will be considered in turnover for the calculation of 5 Crore limit. 2017-18 for G.S.T. Both the reconciliation statement and the copy of audited annual accounts, duly certified, is to be furnished by the registered person in Form GSTR-9C along with the annual return. Aggregate Turnover will be calculated as follows :-. Supplies provided outside India or received outside India. Every person registered under GST Act, whose aggregate turnover exceeds the prescribed limit (i.e. 2 Cr then every branch will be liable for GST audit irrespective of the fact that their individual turnover does not exceed the specified limit. As per the applicability provisions specified by the GST Council, every registered taxable person whose turnover during a financial year crosses INR 2 Crore, should get his accounts audited by a chartered accountant or a cost accountant. Value of all (taxable supplies+ exempted supplies +Nil Rated supplies + Zero rated supplies +Non GST supplies ) – (Taxes & Cess under GST Act + inwards supplies +supplies under reverse charge ) of a person having the same PAN(Permanent Account Number) across all his business entities in India. However, the composition levy would be calculated on the basis of turnover in the State. The Finance Ministry has extended the last date for filing annual GST (Goods & Services Tax) returns for FY20 to March 31, 2021.Earlier, the due date was December 31. Is there way i can get it automatically or it’s all manual process of tracking my statements ? 01.03.2021, Formats Resolutions related to Banking Operations, Interesting facts about education loans that you may not know, Important Alert – Upcoming statutory Due Dates- You Must Know, Validity of Service Tax Notices Based on Form 26AS, Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client, Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C. All doubts of the taxpayer regarding the applicability of the GST Audit for FY 2019-20 will be clear in this post. turnover should be calculated from July 17 or from April 17? If any mistake/error is noticed in any filled returns during the financial year while auditing the books of accounts, the same can be rectified only in the annual return. It means an assessee needs to be audited under Sec 44AB if his annual gross turnover/receipts in business exceeds Rs. Supplies between distinct entities (in different States or separate business vertical). I have a question related to section 80DDB and wondering if you can help clarifying as I couldn’t able to find an answer. Sir please let me me know on what basis following transaction are excluded from definition of turnover. Maintained by V2Technosys.com. It is expended like pure agent and not forming part of our service while deciding total turnover of Rs.2.00 crores. turnover should be calculated as a whole basis, Your email address will not be published. This will also boost digital payments. I had a BULLECTOMY surgical operation in Bangalore on emergency base costing 2.75 lakh rupees and could not be claimed either from my parent organization or health insurance company. /** Inspired by the way you work, Tally is designed to delight you. 2 Cr., turnover of all the branches of an organization is be considered and if the cumulative turnover exceeds the limit of Rs. how to get exact amount paid under SB interest to claim under 880TTA ? My question is, am i liable for GST Audit for those units whose Turnover is Nil or less than 2 Crores ?. If I purchase tickets in FY: 2018-19 for travel in FY:2019-30, can I claim tax benefits in FY: 2019-20. The period of tax audit can be extended by another 6 months if the Commissioner feels that the audit cannot be completed in 3 months. The former is used for determining the threshold limit for GST registration as well as eligibility for Composition Scheme. * @subpackage Tally The person will be informed about the tax audit by a notice at least 15 working days prior to the date of audit. Important Aspects for GST Audit of Multi-Locational entities 13-17 4. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit. July-17 to March-18 or for whole FY i.e April-17 to March-18 as e.g. Is it from GST period i.e. The limit has been increased for exclusive supply of goods only. 2 crores one has to reckon the turnovers for the whole of the financial year which would also include the first quarter of the financial year 2017-18_Source Technical Guide issued by ICAI_Page4. From April’2017 to March’2018 is considered for threshold limit. Further, Mr. A does not have the option to register as a composition dealer because this aggregate turnover exceeds the threshold limit of Rs 1 … Dear SIr, The turnover for the purpose of computing the threshold limit of Rs 2Crores shall be computed from July’17 to Match’18. Under section 2(13) of the CGST Act, an audit has been defined as an examination of records, returns and other relevant documents furnished or maintained by the person registered under the GST Acts or under any other law for the time being in force. For the financial year 2017-18, the GST period comprises of 9 months whereas the relevant section 35(5) uses the expression financial year; Therefore, in the absence of clarification from government, also to avoid any cases of default, it is reasonable to understand that to reckon the turnover limits prescribed for audit i.e., Rs. As we all know, for GST Audit (Reconciliation Statement) the last date has been extended to 28th February 2021 for FY 2019-20. Can I get exemption from income tax under 80DDB? If the turnover of the registered person exceeds the prescribed limit i.e. If the recipient is carrying on business but below threshold limit, is the recipient required to pay taxes under RCM? My Aggregate Turn. * GST Audit Threshold and Rectifications Transactions which are neither supply of goods or service. What is the treatment of my agriculture income if my other source income is not above the basic tax slab, I am a orthopaedic disabled person with 66% government employee, please tell me about tex rebate,like standard deduction, transport allowance,80u, and many more… regards k.l.verma, My brother has a medical certificate issued by government hospital stating 50% disability but while the aasessing officer is asking for form 10IA and rejected my claim. Under […] FY 20-21. What is Audit under Goods and Service Tax (GST)? The GST Council  increased the threshold limits for GST registration w.e.f 01 April 2019 . Then GST audit shall applicable? Help me out here. Turnover in financial year is 2 crore , my question is 2 crore in GST F.Y i.e. Can I claim for this treatment by providing concerned hospital issued letter? Supplies of agents/ job worker on behalf of the principal. In case of Petrol Bunks though they may have crores of Supply of petrol which is exempted and small portion of oil which is taxable say for example only 2 Lakhs,they have to file 9C and reconcile the petrol supply as exempted supply. Normal Category States who opted for a new limit of Rs.40 lakh are Chhattisgarh, Jharkhand, Delhi, Bihar, Maharashtra, Andhra Pradesh, Gujarat, Haryana, Goa, Punjab, Uttar Pradesh, Himachal Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, West Bengal. (In the case of Special Category States, the present limit is Rs 75 lakh.) Budget 2021: GST Audit by professionals scrapped? Auditor and their Appointment 11-12 3. 20 lakh. 2016-17 (A.Y. Under special audit, the registered person will be directed to get his accounts audited by a Chartered Accountant or Cost Accountant nominated by the Commissioner. Thus, he shall electronically file: A Commissioner or any officer authorised by him can undertake general GST audit of any registered taxable person. In other words, the total of the following shall be considered as an aggregate turnover: Turnover would, therefore, include the following: However, the following items would be excluded from Turnover: As per section 2(47) exempt supply means any supply of goods or/and services or both which may be wholly exemption from tax under section 6 or under section 11 of the IGST Act or attract nil rate of tax, and includes non-taxable supply. 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Email address will not be published, Petrol, Liquor etc is correct date of of... Supplies between distinct entities ( in different States or separate business vertical ):! Write this code along with your comment: 3fbc8f406171f341bf21f1e1d495fd62 expenses can be claimed under 80DDB the date of commencement audit. When No home.php file exists taxpayer, whose turnover is below Rs 1.5 crore, I! Audited annual financial statement in writing GST tax audit by professionals scrapped, tax! Exceed is it includes the VAT to????????????... Period it is expended like pure agent and not forming part of our service while deciding turnover. Goods received from job worker on behalf of customer State tax, Cst tax, State tax, Union tax. To March 18 the special audit can be conducted, even if the turnover would be $ 66,000 with! Educe compliance burden  turnover for the calculation of 5 crore, can you add up your! To the date of audit, the term ‘ audit ’ under GST the... 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Pan No updated on Taxation and Corporate Law a State know on what basis following transaction are excluded from of. 2018 or from April 2017 to March 18 or April 17 6,000 owed to the ATO be calculated on basis! March-18 or for whole FY i.e April-17 to March-18 as e.g than on! Tax under 80DDB VAT audit is per GST No.or per PAN No Notice at 15! Registered person exceeds the limit for GST registration w.e.f 01 April 2019 is.. Branches of an organization is be considered from July 17 to Match ’.... Legal service is exempt, State tax, State tax, GST tax audit limit in the case of category! Will be clear in this post like pure agent and not forming part of our service deciding! Limit i.e audit will be determined and paid by the Commissioner a business: Rs.1Crore for! By a registered taxable person levy would be calculated as a whole basis, your email will... Have been carried out compliance burden??????????????. 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