GST is an interesting challenge for Comptroller & Auditor General of India (CAG) because where it has brought unfavourable circumstances to work on large quaternions, it simultaneously offers an easy and one station access to all the data needed for a full-fledged audit.
“So far, as expenditure and revenue were concerned it was quite simple for us when we audited a particular state for revenue and expenditure. But here we have a new element which is neither Centre neither state and yet owned by both,” Comptroller & Auditor General of India (CAG) Rajiv Mehrishi amitted while speaking at the event of Platinum Jubilee of the Institute of Chartered Accountants of India (ICAI)
At the same time, he announced that CAG is making efforts to find out the best alternative to overcome this issue. Rajiv Mehrishi glorified a few worthwhile points of this new indirect tax regime, which are as follows:
- It offers 100% audit to CAG which adds up the assurance as far as GST is concerned.
- During this period major economic reformation can be witnessed as compared to the last 70 years.
- It is tax-friendly and is in compliance with various tax regulations.
- It relives consumers also as it completely abbreviates the multiple taxation systems
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