Bring back provision for audit of GST annual returns: ICAI to govt
- Doing away with audit will lead to large-scale disruption of compliance, resulting in demand notices and the taxpayers will be burdened with tax, interest and penalties that could be avoided if there's a system of audit to identify the lapses in time, ICAI said
NEW DELHI : Accounting rule maker Institute of Chartered Accountants of India (ICAI) has asked the government to bring back the audit and certification provisions relating to Goods and Services Tax (GST) annual returns, saying that doing away with audit will disrupt compliance.
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