For determining the eligibility for the GST Audit, do I need to consider the turnover as per the financial statements or I need to compute it separately?
It has to be considered separately as the turnover given in the Financial statements is based on the accounting standards and for GST it is based on Aggregate Turnover and Supply also includes some transactions even if consideration is not received as detailed in Schedule 1 of CGST Act.
As per Rule 46 of the CGST Rules, every taxpayer has to mention the name, address, place of delivery of goods, state name, and state code on supplies made to the unregistered taxpayers if the value of the supplies is Rs 50,000 or more on the tax invoice.
As per Rule 46 of the CGST Rules 2017, a registered tax payer, other than a composition taxpayer can issue a consolidated tax invoice at the end of the day for all the transaction where tax invoices are not issued for a value less than Rs 200 per transaction.
As per the GST Returns Final Formats, in Table 10 of the GSTR – 1, all the debit notes, credit notes, refund vouchers issued for the supplies made for the earlier period has to be shown here. This is for the B2C supplies with value than Rs 2.5 Lacs which are not included in Table 9.
Summary details for the differences between the Annual Return and as per the Published Financial Statements for the outward supplies for Tax Liabilities on Interstate supplies, Intrastate Supplies, Exports, Sales returns, and Supplies liable for Reverse Charge along with remarks in Annex 3 of GSTR – 9B.
Advances paid for supplies falling under Reverse Charge are to be shown in Table 12 of GSTR – 2. For each and every advance being uploaded here, a unique identification number will be generated by the GSTN for the advances paid for supplies falling under reverse charge where invoice is not received.
In GSTR -1, transaction level detail with the invoice number has to be shown in case of all B2B transactions, B2C transactions with invoice value above Rs 2.5 Lacs for supplies to customers outside the state and in case of B2C transactions for supplies within the state or outside the state (less than Rs 2.5 Lacs) summary by HSN / SAC has to be shown along with the tax rates and amounts.