Turnover limit for GST Audit for FY 2019-20

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Turnover limit for GST Audit for FY 2019-20

 ✅GST audit limit is Rs. 5 Crore or Rs. 2 Crore for FY 2019-20?

Rule 80(3) prescribed GST audit turnover limit of Rs. 2 Crore, but Notification No. 79/2020 – Central Tax dated 15th October 2020 (Principal notification 16/2020-CT dated 23rd March 2020) inserted a proviso under rule 80(3), which clearly state that, every registered person whose aggregate turnover during the financial year 2019-2020 exceeds five crore rupees shall get his accounts audited as specified under subsection (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

So, it is clear GST audit turnover limit is Rs. 5 crores for FY 2019-20

✅GSTR-9 for taxpayers having turnover below 2 crores for the FY 2019-20?
As per Notification No. 77/2020 – Central Tax dated 15th October 2020 filing of GSTR-9 for those taxpayer having turnover less than Rs. 2 crore is optional. But, the said return shall be deemed to be furnished on the due date if it has not been furnished before the due date.

Now, it is also clear GSTR-9 is optional for taxpayers having turnover below Rs. 2 crores, but advisable to file it before due date.

✅GSTR-9 for taxpayers having turnover above Rs. 2 crores but less than Rs. 5 crores?
As per combine reading of notification no 77/2020 and notification no 79/2020, it is clear GSTR-9 is mandatory for those taxpayers having turnover between Rs. 2 crores and Rs. 5 crores.

Summary of the above discussion is simplified in the table:

Aggregate turnover criteria

GSTR-9

GSTR-9C

Turnover less than 2 crores

Optional

–

Turnover above 2 crores but up to 5 crores

Mandatory

Optional

Turnover exceeding 5 crores

Mandatory

Mandatory


✅Due date for filing GSTR-9/9C for FY 2019-20
Due date for filing GSTR-9 and/or 9C has been further extended up to March 31st, 2021 vide notification 04/2021-CGST dated 28/02/2021. Earlier extended due date for filing GSTR-9/9C was  28/02/2021 vide Notification No. 95/2020-Central Tax dated December 30th , 2020. Original due date was 31/12/2020.

📋GST News:

GST audit abolished? What about GST audit for FY 2019-20? Read Here

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