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February 2, 2021

GST Audit applicable for FY 2019-20 clarifies CBIC

by facelesscompliance in Income Tax

GST Audit applicable for FY 2019-20 clarifies CBIC

One major change in GST in the Finance Bill 2021 is No GST Audit is required. Clause 101 of Finance bill states Sub-section (5) of section 35 of the CGST Act is being omitted so as to remove the mandatory requirement of getting annual accounts audited and reconciliation statement submitted by specified professional.

Further, in Clause 102 of Finance bill Section 44 of the CGST Act is being substituted so as to remove the mandatory requirement of furnishing a reconciliation statement duly audited by specified professional and to provide for filing of the annual return on self-certification basis. It also provides for the Commissioner to exempt a class of taxpayers from the requirement of filing the annual return.

Read all GST amendments in budget 2021 click here

As there was different interpretation of the new changes in the Budget 2021, for the applicability of removal of GST audit, CBIC Clarified via Tweet that, “Please note Section 35 and 44 of CGST Act are proposed to be amended in Finance Bill 2021. However, these proposals will come into effect from a date to be notified later. For FY 2019-20, the existing provisions shall continue.”

So Concluding GST Audit will be Applicable for FY 2019-20 and last date to file the Audit Certificate is 28 February 2021

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