is audit applicable under GST?

Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or by the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 1 crore] must get his accounts audited by a CA or a CMA.