What are the types of Audit under GST Law ?
Annual Audits: Mandatory for registered person whose aggregate turnover during a financial year exceeds 2 Crore. However for FY 2018-19 threshold limit has been prescribed at 5 Crore. (Section 35(5) and Rule 80(3))
Audit by Tax Authorities: Commissioner or any officer authorised by him may undertake audit of registered person (Section 65 & Rule 101)
Special Audit: if proper officer is of opinion that value has not been correctly declared or credit availed is not within the normal limits, he may such direct registered person to get his records examined and audited by a chartered accountant or cost accountant nominated by him (Section 66 & Rule 102)
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