Section 35 of CGST act specifies requirement of obtaining the accounts and records of every registered person audited. Every GST registered dealer who have exceeded the turnover specified under the act must get this book of accounts audited
Goods and Services Tax, Section 35 (5) 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 sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.
The objective of this write up is to offer a bird’s eye view on the GST Compliances and Practices to be adopted by the tax payers and the Auditors’ responsibility to the Governments and the Assesses. Before the emergence of Goods and Services Tax regime, there were also requirements of tax compliances by the tax payers and audit thereof by the Qualified Accountants who are essentially Chartered Accountants (CAs) and Cost & Management Accountants (CMAs).