GST Audit Turnover 5 CR , Self Attested , 5% Cash turnover 95% Bank or UPI turnover .

From FY 2020-21 compulsory GST audit requirement turnover exceeding Rs.2 crore exceedeed to 5 Crore . IF cash receipts and cash payments during the year do not exceed 5 per cent of the total receipts ....

As per the Finance Act, 2021, the requirement of GST audit and submission of GSTR-9C as certified by the CA/CMA was removed. As per the 43rd GST Council meeting that was held on 28th May 2021, the GST Council recommended that GSTR-9C may be still submitted as self-certified by taxpayers with annual aggregate turnover of equal to or more than Rs.5 crore. The CBIC notified this change in Notification No. 29/2021 – Central Tax, dated 30th July 2021.

Latest Update on GSTR-9C

GST Tax Audit turnover or gross receipts exceeds Rs. 5 crore

The Finance Act 2020 had increased the tax audit limit for a person carrying on business from ₹1 crore to ₹5 crore, subject to a condition that cash receipts and cash payments during the year do not exceed 5 per cent of the total receipts/payments. The Finance Act 2021 further increased this limit to ₹10 crore

The Form GSTR-9C is to now be self-certified and submitted by taxpayers with a turnover of more than Rs.5 crore from FY 2020-21 onwards see further GST council notification . From FY 2020-21 onwards, the compulsory GST audit requirement turnover exceeding Rs.2 crore exceedeed to 5 Crore . The Form GSTR-9C is to now be self-certified and submitted by taxpayers with a turnover of more than Rs.5 crore from FY 2020-21 onwards see further GST council notification