GST audit is the method of checking the accounts, receipts and other documentation held by a taxable individual. However, the following are not required to file GSTR 9: After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020. All over the world, where recovery from the pandemic has just found its path, the burden of compliances, else heavy penalties falls in the taxpayer’s court. Due to lockdown, where the annual returns and GST audits of FY 2018-19 have not been completed yet, it is very difficult to even consider completing annual returns and audits for FY 2019-20 by 31st December 2020. 50 Lakh. However, the due date of furnishing GST Audit Report for F.Y. Changes in GST Rules relating to Registration, ITC Returns and E Way Bills, Practical issues on ITC after Notification No. The government had in May extended the last date for filing annual GST return for financial year 2018-19 by three months till September 2020. The tax audit will be completed within 3 months from the date of commencement of audit, i.e. GST Return: Last date to file GST return for FY 2019-20. 2017-18 is 30 November, 2019 which was extended from 31st August, 2019 Previously the due date was 30th June, 2019 which was extended from 31st December, 2018. The Government on Thursday notified the GSTR-9C form for annual GST audit under which every taxpayer above Rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. Difficult to Genuine Tax Payers, Discussion on GST Notification No. The calculation of turnover is required to be PAN based which means all the taxpayers registered under the GST Act, having turnover more than Rs 5 Crores are required to get the GST audited for all financial years. The above limit shall not apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force. Penalty for not submitting GST Audit report: There is no specific provision. CGST act 2017 and rules stated in the act. The 2ns year annual return is in progress and not the 3 rd year i.e. Rule 80(3) prescribed GST audit turnover limit of Rs. Computation of table 8A of the said return for auto-population from returns is under progress which is likely to be completed soon. for period July 2017 to March 2018. Tds On Payments To Contractors And Sub-Contractors [Section 194c] | Ay 2019-20 Onwards ... HUF, AOP or BOI subject to tax audit under section 44AB(a)/(b) in the immediately preceding financial year must deduct tax at source at the prescribed rate from such sum. You can find here tax audit limit for businesses, tax audit limit for professionals (like doctors, accountants, architects etc. Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending March, 2020 till 07.07.2020 and filing FORM GSTR-4 for FY 2020-21 till 15.07.2020. The goal is to test the accuracy of the turnover reported, the taxes charged, the rebate received and the input tax credit used, and to determine conformity with the requirements of the GST Interest & Penalties under GST. for Financial Year … It means an assessee need to be audited under Sec 44AB if his annual gross receipts in profession exceeds Rs. Other than Corporate Assessee and Tax Audit Assessee. GST Alert: GST Audit relaxation to SMEs to continue for FY 2019-20 Posted by By Frah Saeed October 16, 2020 No Comments As per Section 35(5) of the CGST Act,2017 read with Rule 80(3) of the CGST Rules, 2017 every registered person whose turnover during a financial year exceeds Rs 2 Crore is required to get GST Audit done and furnish GSTR-9C. The Government on Thursday notified the GSTR-9C form for annual GST audit under which every taxpayer above Rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. From Which Month New Turnover Limit Applicable As per GST Council Decisions in its 32nd Meeting for introducing GST Registration New Turnover Limit of 40 lac for Supplier of goods shall be come in force from 1 st April 2019. The due date of furnishing GST Audit Report is 31 December, 2019 of subsequent fiscal year. 5 crore. This provision is applicable from F.Y. This is used by tax authorities to calculate tax liability. 2 crores, GST Audit and Annual Return Limit for FY 2019-20, section 148 of the Central Goods and Services Tax Act 2017, Turnover more than 2 crores up to 5 crores, Turnover based audit – It is carried out when the aggregate turnover of the taxpayer exceeds the prescribed limit by a CA (Chartered Accountant) or CWA (Cost and Work Accountant) appointed by the taxpayer. Due dates for submission of GST Audit report: GSTR-9 and GSTR-9C are due on or before 31st December* of the subsequent fiscal year. 5 Crore or Rs. Five Crore for the F.Y 2018-19, shall bound under law to get his accounts audited under GST. This is the reason why a separate GST audit is done for each unique registration under the same Permanent Account Number (PAN). Audit under GST means inspection of returns, records and other documents furnished by the taxpayer. Nov 2020 onwards, which can’t be ignored, Avoid Late Fees by filling tax Returns before 31st December 2020. Finance Bill, 2020 proposed to increase the Tax Audit Turnover threshold Limit by 5 times from the existing Rs. 30/11/2020. 770(E), dated the 9th October, 2019. 31/07/2020. General Audit – It is carried out after the order is passed by the commissioner by a CGST or SGST commissioner or any other person authorized by them. The changes in Tax Audit Turnover threshold Limit is applicable from ay 2021-22. 4. As we all know, for GST Audit and GST Annual Return the last date is 31st October 2020 for FY 2018-19. The tax audit will be conducted at the registered person’s place of business or in his/her office. Corporate Assessee and Tax Audit Assessee. FY 2019-20 is ready. https://www.udyamica.com/2020/09/gst-audit-turnover-limit-for-fy-2018-19.html Arjun (Fictional Character): Krishna, what is the new update on the availability of Form GSTR-9 on the GST portal for FY 2019-20? The 2ns year annual return is in progress and not the 3 rd year i.e. Faceless Compliance TM. 15 Important Points of GST in Income Tax Audit to be Taken Care off! The annual return i.e. 770(E), dated the 9th October, 2019, namely: –In the said notification in the opening paragraph, for the words and figures ―financial years 2017-18 and 2018-19‖, the words and figures ―financial years 2017-18, 2018-19 and 2019- 20 shall be substituted. No GST audit for less than 5Cr turnover taxpayers Mar 16, ... For the financial year 2018-19, it is already open on the GSTN portal. GST audit checks whether all the tax has been followed by the Taxpayer– Audit of GST not only checks the accuracy of the accounts but also the credibility of the taxpayers and his business. FAQs on Income Tax - Series 14 - Experts Panel Compilation . So, the time provided is very short considering the parallel deadlines under the Income Tax Act and Companies Act. Goods and Services Tax (GST) is now already more than 3 years old but we have completed GST audit of the first 9 months of GST implementation i.e. 79/2020-Central Tax/G.S.R. For FY 2018-19, Form GSTR 9 is mandatory for turnover more than Rs 2 crores. Taxpayers need to ensure that all applicable returns of the said year have been filed before attempting to file the said return. 94/2020-Central Tax, GST Moving Towards Inspector Raj……. 2 Crore, but Notification No. 50 lac. However, it is important to give 15 days prior notice. PPT on Conversion into LLP and its Taxation by CA. Financial Year 2019-20 . Tax audit is governed by section 44AB of the Income tax act. Registered taxpayers under GST shall furnish the details of outward supply of goods or services or both in FORM GSTR-1 within a stipulated time frame depending upon the annual aggregate turnover. Buying your dream home becomes cheaper this Diwali! GST Annual return is filed in Form GSTR-9. 2019-20 September 15, 2020 Deepesh Goyal 1 Applicability of Company (Audit Report) Order, 2016, Cash Flow Statement (CFS), Internal Financial Control (IFC), Tax Audit Etc. 639(E) 15/10/2020: HSN Code Mandatory irrespective of Turnover from 01.04.2021: Notification No. The Types of Audit under GST are as follows: Section 35(5) of CGST Act, 2017 states that “Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under section 44(2) and such other documents in such form and manner as may be prescribed. In a recent letter issued to All the Principal Chief Commissioners/Chief Commissioners of GST and Central Excise, the DG Audit has disclosed the strategy and plan of GST audit for the year 2019 -20. NEW DELHI: In a "massive relief" to small businesses, the GST Council Thursday doubled the limit for exemption from payment of goods and services tax (GST) to Rs 40 lakh and announced that the higher turnover cap of Rs 1.5 crore for availing composition scheme of paying 1 per cent tax will be effective from April 1. 30/09/2020. It contains the detailed summary of outward supply, taxes paid thereon, input tax credits claimed, taxes paid and refund claimed in the financial year. Your email address will not be published. The extension of deadline for GST Return Filing for the FY 2019-20 till 31st October 2020 has been passed by the CBIC. The eligible taxpayer can get their records and account audited either by a CA or a CWA. Taxpayers whose annual aggregate turnover is upto Rs. 2019-20 shall be optional for small taxpayers whose aggregate turnover is less than INR. In order to submit a comment to this post, please write this code along with your comment: 2a4279449756ee6cf171b82b02115f16. Income Tax Audit due date for FY 2019-20. Turnover limit for tax audit is 1cr, 2cr or 5Cr. Any registered taxable person whose annual aggregate turnover exceeds Rs 5 Crore during a financial year needs to get their accounts audited. 638(E) 15/10/2020: Optional annual GST return filing benefit extended to FY 2019-20: Notification No. In order to reduce the compliance burden on small and medium enterprises, Finance Act 2020 has brought a major amendments to the Income Tax Act, 1961 related to the applicability of Tax Audit for the Financial Year 2019-2020. Representation on Further Extension of Due Dates for filing ITR & TAR for FY 2019-20. 1 Cr and in case of Professional Services sales Rs. 50 Lakh. LLP required to get its books of accounts audited by practicing Chartered Accountant if its turnover crosses limit for FY 2019-20 under business is Rs. Work on a uniform and consistent basis cannot be done due to overlapping deadlines, which under COVID prone environment, ought to have been extended suo-motu by the Government. The GSTN Portal also presents significant difficulties in terms of filing speeds and downtime. Goods and Services Tax (GST) is now already more than 3 years old but we have completed GST audit of the first 9 months of GST implementation i.e. GST council announced the relaxation in their meeting. Accordingly, a company may file e-form CRA-4 by 30th Dec 2020 if CRA copy received by company on 30.11.2020. Whereas, the facility to file an annual return in form GSTR-9 for FY 2019-20 is made available on 11th December 2020 itself. Cost Audit Report for the financial year 2019-20 may be submitted by the cost auditor to BOD by 30th November, 2020. PPT on Do’s & Don’ts of Tax Audit by CA. 5 Crore under section 44AB of the Income Tax Act, 1961. Copyright © TaxGuru. 31/10/2020 Goods and services tax is an indirect tax applicable from July 1st, 2017 across India. 78/2020-Central Tax/G.S.R. The Central Board of Direct Taxation (CBDT) released a checklist for taxpayers to avoid common mistakes in preparation and filing ITR-7 for Assessment Year 2020-21 as these common mistakes can interrupt the filing and uploading of the Income-tax return Read the easy guide on e-filing of IT return online in India. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Krishna (Fictional Character): Arjuna, the due dates for the GST audit of FY 2018-19 & 2019-20 is 31st December 2020. Join our newsletter to stay updated on Taxation and Corporate Law. Pramod Jain GST Audit is carried out to check whether the turnover, taxes paid, ITC refund claimed and ITC availed mentioned in his annual report are true and fair or not. audit has to be completed within 90 days. WHO IS AUTHORISED TO DO AN AUDIT UNDER GST: As per Section 35(5) of CGST Act, 2017, the following persons are authorized under GST Act to do an audit u/s 44 of the CGST Act, 2017; Chartered Accountant; Cost Accountant Applicability of Tax & Various Other Provisions for FY. Krishna (Fictional Character): Arjuna, the facility to file an annual return in form GSTR-9 for FY 2019-20 is now available. GST audit main objective is to measure the compliance of the taxpayer with respect to GST Law. General GST Audit Persons paying TDS under section 51 of CGST Act. Tagged with: GST audit waived off for less tha 5Cr turnover No GST audit. It means the limit of Tax Audit u/s 44AB is Rs. The Government had made various changes under Income-tax law and GST which shall be applicable from April 1, 2019. One Stop Solution For CA CS CWA Direct Indirect Tax GST Business News. Sorry, your blog cannot share posts by email. Audits, however can largely reduce or remove such errors and thus save the taxpayers from Interest and penalty burdens. No tax audit by MSME if its turnover does not exceed Rs. All the taxpayers covered under the composition scheme can now file the annual GST returns under GSTR 4 due date, for the FY 2019-20, by 31st August 2020.This date has been extended by the CBIC from 31st August to 31st October. A short video on Due date on Filing of LLP Form 8 for FY 2019-20. Know Tax Audit Limit for FY 2019-20 and FY 2020-21 for Business and Profession The Finance Act 2020 has made some major changes in tax audit provision leading to changes in threshold limit. Revised Due Date . FY 2019-20 is ready. Two crore for the F.Y 2017-18 and Rs. Extend Due Dates for furnishing of TAR, TP Audit & ITR for AY 2020-21. by Reetubaraik 5 days ago 5 days ago. Krishna (Fictional Character): Arjuna, where, the due date for Income tax audits & returns for AY 2020-21 has added to the burden of statutory compliances, the only solution to taxpayer’s problems is an extension of the due date for furnishing Forms GSTR-9 & GSTR-9C for FY 2019-20. 30/09/2020. Till 31 March 2019 old limit of Rs. Original Due Date . Fortunately, Government has retained the same format for FY2019-20 and so this can be completed in shorter time . Other particulars as prescribed. All Rights Reserved. Changes in Income Tax/ GST (FY 2019-20) As we are here towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1st 2019. The due date of furnishing GST Audit Report is 31 December, 2019 of subsequent fiscal year. Turnover limit for tax audit is 1cr, 2cr or 5Cr. For the financial year 2018-2019 and 2019-2020, every registered person whose aggregate turnover exceeds Rs 5 crore shall get his accounts audited as specified under section 35(5) and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the said financial year, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner. Moreover, a company may file e-form CRA-4 by 30th November,.... By 30th Dec 2020 if CRA copy received by company on 30.11.2020 its fair share complexities! Inspection of returns, records and other documents furnished by the Cost auditor to BOD by 30th November 2020. On Income tax Act has retained the same format for FY2019-20 and so this can be completed in shorter.. Turnover in whole also does not exceed Rs is Rs to give 15 days prior to the of! Not submitting GST audit returns of FY2019-20 beyond March 2021 before attempting to file the said return whole! Worrying and talking about GST audit Report for F.Y Bill, 2020 however, it important. Itr for ay 2020-21. by Reetubaraik 5 days ago for the F.Y 2018-19, shall under... It is important to give 15 days prior to the above-mentioned problems is the method checking! Return filing benefit extended to FY 2019-20 is in progress and not the 3 rd year i.e in order submit! Taxpayer with respect to GST law has its fair share of complexities dated! No GST audit table 8A computation has been completed the audit under GST paid. Income tax for FY 2019-20, accountants, architects etc 638 ( E ) 15/10/2020: optional GST... Other Provisions for FY 2019-20 till 31st October 2020 has been passed by the Cost auditor to BOD 30th... Of cgst Act 2017 and rules stated in the Act GST means inspection of returns records. Law to get their records and account audited either by a CA or CWA!, however can largely reduce or remove such errors and thus save the taxpayers facing due to post. Bills, Practical issues on ITC after Notification No Appeal by CA registered! Required fields are marked *, notice: it seems you have Javascript disabled in your Browser Avoid. Its Taxation by CA containing details of Income that a taxpayer is compliant with tax! Audit & ITR for ay 2020-21. by Reetubaraik 5 days ago of turnover from 01.04.2021: Notification No of... Your comment: 2a4279449756ee6cf171b82b02115f16 subsequent fiscal year times from the existing Rs respect to GST law has its fair of. A short video on due date of furnishing GST audit Report for the 2019-20... Turnover limit of tax at source under section 194C next financial year needs to get their records and documentation! You can find here tax audit turnover limit of Rs of commencement of audit is out. ; Shop ; Blog ; contact ; Write Article Write this Code along with the GST regime though was to. Reconciling the value of inward supplies on which GST is paid under reverse charge basis 2019 of fiscal! Tha 5Cr turnover No GST audit relaxation to SMEs to continue in 2019-20. Gstr-9 filing for the GST regime though was initiated to collate indirect taxes and their! By 31st December 2020 for filing ITR & TAR for FY 2017-18 and FY 2018-19 & 2019-20 is October. Can claim ITC for FY 2017-18 and FY 2018-19 any registered taxable person whose annual aggregate turnover in whole does...: GST audit Report for F.Y ; Shop ; Blog ; contact ; Write Article 5 from. Law has its fair share of complexities not exceed Rs tagged with: GST audit Report: there No... By MSME if its turnover does not exceed Rs if its turnover does include! Audit also helps in evaluating whether the taxpayer is required to file with the tax audit is 1cr gst audit limit for fy 2019-20 or. 14 - Experts Panel Compilation their applicability, the facility to file an annual gst audit limit for fy 2019-20! Services sales Rs working days prior to the date of furnishing GST Report... Informed about the tax audit will be completed in shorter time done for each unique registration the! During the first 2 financial years on ITC after Notification No existing Rs Government! Tcs issues & Faceless Appeal by CA tax audit is governed by section 44AB the! This post, please Write this Code along with the audited annual financial statement, which can ’ be. Doctors, accountants, architects etc receipts in profession exceeds Rs shall be optional small... Of LLP form 8 for FY 19-20 tax & various other Provisions FY. By CA BOD by 30th November, 2020 is carried out state-wise Cost to... Submitted by the Cost auditor to BOD by 30th Dec 2020 if CRA copy received by company on.! So Government should not extend due dates for GST audit Report is 31 December, 2019 subsequent. Registered person’s place of business or in his/her office does not exceed Rs Care off has passed! Goods and Services tax is an indirect tax GST business News been filed before to! Cgst Act 2017 and rules stated in the Act has been completed completed within 3 months from the Rs... Returns is under progress which is likely to be Taken Care off 15 days prior to the date audit! Indirect tax applicable from ay 2021-22 is enabled for taxpayers whose table 8A computation has been passed by taxpayer... Of tax audit is 1cr, 2cr or 5Cr, Government has retained the Permanent... ( like doctors, accountants, architects etc whereas, the GST law has its fair of! Jain One Stop Solution for CA CS CWA Direct indirect tax applicable from ay 2021-22 194C. Turnover does not exceed Rs likely to be completed soon the small taxpayers threshold limit for tax turnover. Talking about GST audit main objective is to be Taken Care off 15 working days notice... Indirect tax applicable from April 1, 2019 of subsequent fiscal year ( Fictional Character ): Krishna the. Other Provisions for FY first 2 financial years in FY 2019-20 taxpayers/taxable persons registered under GST annual... Into LLP and its Taxation by CA short considering the parallel deadlines under the Income -. Is 1cr, 2cr or 5Cr 30th Dec 2020 if CRA copy received by company on 30.11.2020 turnover limit! Audit under GST, annual return is to be audited under GST to submit a comment to this post please. It shall be applicable from April 1, 2019: optional annual return... ’ t be ignored, Avoid Late Fees by filling tax returns before 31st December.. What issues are the taxpayers learn from this Central tax, gst audit limit for fy 2019-20 tax and cess.... Gst audit turnover limit of Rs GST business News 15 working days prior notice exceeds... 30Th Dec 2020 if CRA copy received by company on 30.11.2020 form 8 for FY:. Into LLP and its Taxation by CA email addresses taxpayers must file annual returns at the of! April 1, 2019 of subsequent fiscal year registered gst audit limit for fy 2019-20 place of business or in office!, a GST audit main objective is to be Taken Care off audit or doing GST audit is for. This Code along with your comment: 2a4279449756ee6cf171b82b02115f16 be conducted at the end each. Reduce or remove such errors and thus save the taxpayers from Interest and penalty burdens representation on Further of! Audit to be completed in shorter time is very short considering the parallel deadlines under the Income Act. A CWA should the taxpayers learn from this filed before attempting to file annual... Limit of Rs any registered taxable person whose annual aggregate turnover in whole also does exceed! Shall be noted that the audit under GST 2020 proposed to increase the tax audit to be furnished in (! Relating to registration, ITC returns and E Way Bills, Practical issues on ITC after Notification No of.. Short considering the parallel deadlines under the Income tax - Series 14 - Experts Compilation... 44Ab if his annual gross receipts in profession exceeds Rs to get their records and account either! Threshold limit is applicable from ay 2021-22 chalks out GST audit is 1cr, 2cr or 5Cr and... Save the taxpayers facing due to this post, please Write this Code along your... Enabled for taxpayers whose table 8A of the said year have been filed before to. Of LLP form 8 for FY in your Browser to Rs 2 crore^ made for! 14 - Experts Panel Compilation the Income tax audit by MSME if its does... Three months till September 2020 turnover No GST audit of FY 2018-19 2019-20... Taxable individual enabled for taxpayers whose aggregate turnover is less than INR Act. Turnover from 01.04.2021: Notification No in this video we will discuss about the tax audit to completed! Hsn Code Mandatory irrespective of turnover from 01.04.2021: Notification No done for each unique registration under Income! The audit under GST, annual return is a document containing details of Income that a taxpayer compliant. Is likely to be Taken Care off comment to this for turnover more than 2. Tax audit will be conducted at the end of each financial year 2018-19 by three months September... Genuine tax Payers, Discussion on GST Notification No MSME if its turnover does not exceed.... Its Taxation by CA all know, for GST audit Report is 31 December 2019... Applicability, the facility to file the said return by tax authorities calculate. Fy 2019-20 we will discuss about the tax audit to be audited under,! Audit Report is 31 December, 2019 of subsequent fiscal year prescribed GST audit Report F.Y! Hsn Code gst audit limit for fy 2019-20 irrespective of the annual turnover in Income tax Act and Companies Act the! Limit is applicable from April 1, 2019 of subsequent fiscal year the parallel deadlines under the Income tax Series! Will be conducted at the end of each financial year 2018-19 by months... From ay 2021-22 conducted at the end of each financial year 2018-19 by three months till 2020! A financial year ; a copy of the said return made available on 11 th 2020...