Turnover limit for GST Audit for FY 2019-20
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✅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 dat