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Indirect Tax Committee of ICAI has recently released a FAQ on GSTR-9C. This FAQ contains answers to doubts of many. E.g. What should be period for calculating turnover of Rs. 2 Crore for the purpose of GST Audit?
Answer:
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 and to avoid any cases of default, it is reasonable to reckon the turnover limits prescribed for audit i.e., Rs. 2 crores for the whole of the financial year which would also include the first quarter of the financial year 2017-18.
Hope you would find the same useful.
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Dec 17, 2018
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Dec 19, 2018
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