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Bring back provision for audit of GST annual returns: ICAI to govt

Bring back provision for audit of GST annual returns: ICAI to govt

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.
GST authorities last August dropped the provision for mandatory audit of annual returns for businesses with sales of ?2 crore and above, and introduced self-certification of a reconciliation statement for those with ?5 crore sales and more, replacing the certification needed by a chartered or cost accountant.

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