Preparing for GST audit: Taxpayers face penalty up to 0.25% of turnover

The  GST laws  provide for a mandatory audit to be carried out by every GST registered taxpayer whose turnover during a financial year surpasses Rs 2 crore. Such an entity should get its accounts audited as specified under sub-section (5) of Section 35 of the GST Act. The taxpayer has to submit a copy of audited annual accounts and a reconciliation statement, duly certified, in Form GSTR…