GST Audit - Financials

[Ethirajan Parthasarathy]

For GST audit covered cases, is it necessary to prepare audited financials for the period July'17 to Mar'18, in additions to audited financials for the whole year.

[DR.MARIAPPAN GOVINDARAJAN]

GST Audit and financial audits are separate.

[Yash Jain]

Dear Sir,

No.

Just reconcile 9 months input with 2A. Identify inputs yet to be claimed for FY 17-18, in FY 18-19.

Reconcile sale with returns.

[Ganeshan Kalyani]

GST annual return for FY 2017-18 IS TO BE FILED ON OR BEFORE 31.12.2018.

AI Summary

GST audit: reconcile inputs with GSTR 2A and sales with returns; audited financials for full year suffice. GST audit is distinct from statutory financial audits; separate audited financial statements for July 2017-March 2018 are not inherently required. Compliance requires reconciling input tax claims with GSTR 2A to identify unclaimed inputs and reconciling sales with filed returns, with attention to the annual return filing deadline for FY 2017-18.