The government has done away with the requirement of GST audit from professionally qualified Chartered Accountants.
In what comes as good news for taxpayers, the government has announced that Goods and Services Tax (GST) taxpayers with a turnover of more than Rs 5 crore will be able to self-certify their annual return. This means that they will not need to get mandatory audit certification from Chartered Accountants. For this, the Central Board of Indirect Taxes and Customs (CBIC) has also issued instructions.
Under the GST, it is mandatory for all entities to file annual return GSTR-9/9A (GSTR-9/9A) except those with an annual turnover of up to Rs 2 crore for 2020-21. Significantly, taxpayers with a turnover of more than Rs 5 crore were required to submit reconciliation details in the form GSTR-9C. After this, this detail is verified by the Chartered Accountant after the audit.
As per the notification of CBIC, the GST rules have been amended and now the taxpayers with a turnover of more than Rs 5 crore will have to furnish self-attested resolution details along with annual returns. The certification of CA will not be required for this.
AMRG & Associates Senior Partner Rajat Mohan said that the government has done away with the requirement of GST audit from professionally qualified Chartered Accountants. Now the taxpayers will have to submit the annual return and reconciliation details by verifying themselves. He said this would bring relief to thousands of taxpayers on the compliance front, but knowingly or unintentionally, wrong details in the annual return could lead to trouble.
Notably, in the month of July, 1,16,393 crores came to the government treasury from the Goods and Services Tax. It has increased by 33 per cent as compared to July 2020. In the GST collection of July 2021, State GST (SGST) is Rs 28,541 crores, Central GST (CGST) Rs 22,197 crores and IGST Rs 57,864 crores. Rs 27,900 crores in IGST has come with the help of imports, while Rs 7,790 crore came from cess, of which Rs 815 crore came from cess on imported goods. That is, now the economy seems to be improving.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "GST")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}