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A: A GST audit can be conducted by a Chartered Accountant (CA) or a Cost Accountant (CMA) who is registered as a GST auditor with the GST department.
A: Yes, a GST audit is mandatory for businesses whose annual turnover exceeds Rs. 5 crores in a financial year.
A: The due date for filing the GST audit report is December 31st of the following financial year.
A: Non-compliance with GST audit requirements can result in penalties, interest, and even prosecution under the GST laws.
A: The penalty for non-compliance with GST audit requirements is Rs. 25,000 or 0.5% of turnover, whichever is lower.
A: Yes, a GST audit can be conducted online through the GST portal using digital signatures.
A: A business should maintain the records related to GST audit for at least six years from the end of the financial year to which they pertain.