No GST Audit from August 1st
The Central Board of Indirect Taxes and Customs (CBIC) notified that no GST audit would be required from August 1, 2021.
“In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the first day of August 2021 to be the date, The day on which the provisions of sections 110 and 111 of the said Act shall get force,”
The CBIC was notified In section 110 of the Finance Act, 2021, section 35 of the Central Goods and Services Tax Act, sub-section (5) has been omitted. Section 111 of the Finance Act, 2021 seeks to amend section 44 of the Central Goods and Services Tax Act. the section shall be substituted, namely: “Every registered person aside from an input service distributor, an individual paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return consisting of a Self-attested reconciliation statement, matching the value of supplies declared within the statement furnished for the fiscal year, with the audited annual financial statement for every financial year electronically, within such time and in such form and intrinsically provided that the Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section.
Provided also that nothing contained in this section shall also apply to any department of the Central Government or a state government or a local authority, the books of account of which are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed to audit the local authority at any time under applicable law.
