PLEASE LET ME KNOW THE GST AUDIT LIMIT FOR FINANCIAL YEAR 2019-20 WITH RELATED NOTIFICATION/CIRCULAR

Reply-As per Notification No. 79/2020-Central Tax dated 15.10.2020, In Rule 80 of CGST Rules, in sub-rule (3), for the proviso, the following proviso shall be substituted, namely: -

“Provided that for the financial year 2018-2019 and 2019-2020, every registered person whose aggregate turnover exceeds five crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the said financial year, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.”

Therefore, threshold limit for GST audit is Rs. 5 crore for financial year 2019-20.