GST Audit is not an avoidable compliance. GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting inconsistencies, lapses, errors and ambiguities, if any, in complying with the provisions of GST law, said the ICAI President CA. Nihar N. Jambusaria.
The ICAI President said that, he met key Government functionaries to discuss matters related to contribution of accounting profession and its increasing role in economy. Our meeting with Smt. Nirmala Sitharaman, Hon’ble Union Finance and Corporate Affairs Minister was held to discuss our representation regarding the removal of requirement of audit and certification of reconciliation statement by a Chartered Accountant under CGST Act.
We, besides other points, apprised that GST Audit is not an avoidable compliance. GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting inconsistencies, lapses, errors and ambiguities, if any, in complying with the provisions of GST law.
The ICAI also submitted that Audit should not be seen as a cost to the taxpayer, rather it is an investment for him, the benefits of which are reaped over a period of time. The taxpayer is able to take corrective actions for irregularities/lapses detected during the audit thereby saving avoidable costs in terms of interest and penalties.
Further, audit also helps the taxpayers in saving on litigation expenses as errors are noticed and addressed in time. In this meeting, CA. Rajendra Kumar P., Chairman, GST and Indirect Taxes Committee also joined us. In this direction, CA. Babu Abraham Kallivayalil, Chairman, Professional Development Committee also met Finance Minister and Members in Parliament CA. Thomas Chazhikadan, CA. Suresh Prabhu, CA. Narain Dass Gupta.
He also added that, These meetings provided us the opportunity to discuss our professional matters with the dignitaries and reinstate our position as a partner in nation building. Two virtual meetings with the Secretary MCA and Jt. Secretary MCA were also held to apprise them about the networking guidelines and the proposed amendments in Industrial Training framework.
Also Read: ICAI bats for GST audit, submits memorandum to Finance Ministry
Source: taxscan.in
Follow us for free tax updates : facebook Twitter
***
Subscribe our portal and get FREE Tax e-books , quality articles and updates on your e-mail.
Resolve your GST queries from national level experts on GST free of cost.
TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
