In this blog we will provide you how GST Audit works.
Introduction
A GST audit ensures that your business complies with GST laws and avoids legal issues. But what is it, and why does it matter? Let’s find out.
What Is a GST Audit?
A GST audit is a detailed examination of your business’s GST records, returns, and compliance status. It is mandatory if your annual turnover exceeds ₹5 crore.
Types of GST Audits
📌 Turnover-Based Audit – Required for businesses with turnover above ₹5 crore.
📌 Special Audit – Conducted if tax authorities suspect errors in your filings.
📌 General GST Audit – Internal audit to check compliance and avoid penalties.
Why Your Business Needs a GST Audit
✔ Ensures accurate tax reporting
✔ Prevents penalties and legal actions
✔ Helps in claiming maximum Input Tax Credit (ITC)
✔ Builds credibility with tax authorities
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