ICAI Send Proposal to Govt Removing GST Audit is Not Appropriate

The CA Institute has approached the Prime Ministers office and the finance minister to obtain the Budget proposal to trash the important yearly audit and reconciliation statement certification through the CA with respect to GST.

The budget is moved towards the business so to change the central GST law to permit the furnishing of the yearly returns on the self-certification grounds. It indeed gives authority to the commission to privileged the assessee from the furnishing of the yearly GST returns Get to know the online procedure of filing GST return in India. Also, we provide each and every GST form according to the taxpayers’ category. Read more .

CAs get shocked after seeing the budget proposal seeking the CA institute to refuse the decision.

Atul Kumar Gupta outgoing President of ICAI narrated Business Line to PMO and Finance Ministry about 4-5 days ago, post authenticating the CA institute which takes off the decision.

“Removal of GST audit should not be seen as one perspective of ease of doing business. Doing away with GST audit will be a retrograde step as it will create greater problems for society in days to come if there is no concept of maker checker,” commented Gupta.

He shows that the audit has gone via various audits being instrumental with respect to the arrangement of Rs 20k cr of the additional tax flow to the exchequer. “GST audit helps in prevention and early detection of disease. When we do a reconciliation audit, we look at 20 different things from compliance point of view. That will not be done if the Budget proposal goes through. Maker checker concept will not be there,”

Amarjit Chopra, former President of ICAI, commented that “It is indeed unfortunate that Finance Bill 2021 seeks to do away with GST audit Get some necessary points to be noted while filing GSTR 9C (GST Annual Return Audit Form) by tax professionals along with easy guide before GST audit report. Read more irrespective of the size and turnover of the entity. The government must reconsider the decision to withdraw the GST audit.”

To comment that the audit continues to the compliance cost might be effective however for withdrawing GST audit for the case of all the entities might not be answerable he said.

Accounts Assistant Policy

The CA institute comes under the CSR scheme which has incorporated an ‘ICAI ARF Accounts Assistant Scheme’ by Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs. This launch of ICAI ARF is furnished for the local youth of the Hamirpur district of Himachal Pradesh.

The policy will assist the candidates who are above the age of 21 years and will be trained the local youth for record-keeping, GST furnishing, and seeking the tax process of GST.