GST Audit

What is GST Audit?

GST Audit is an examination of records, returns, and other documents maintained by a taxpayer to verify the correctness of turnover declared, taxes paid, refund claimed, and input tax credit availed. GST audit can be conducted by tax authorities or by a Chartered Accountant/Cost Accountant (for GSTR-9C). Businesses with turnover exceeding Rs. 5 crores must get their accounts audited and file GSTR-9C reconciliation statement.