Abolition of GST annual audit requirement could save up to ₹30K crore annually

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  • By Taxmann
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  • Last Updated on 1 March, 2021

March 01, 2021

Sunil Kumar, deputy general manager at Taxmann, said:

“…Currently, the review is done by an independent professional who highlights the mismatches to the taxpayer. In cases wherein taxes are not paid on account of such mismatches, the report is qualified by the professional. The existing process enables the timely identification of gaps. The self-certification process may not identify such mismatches on a timely basis”
“…He cautioned that the identification of such gaps by the authorities at a later stage would involve penalty and interest, in addition to the tax payable”

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