ICAI wants FM to withdraw Budget proposal on doing away with GST audit

The Institute argues that benefits of such an audit outweigh ease of compliance that the new rule would bring for assessees

The Institute of Chartered Accountants of India (ICAI) has asked finance minister Nirmala Sitharaman to restore a provision proposed to be taken away by the Budget for 2021-22 for the mandatory requirement of getting the annual account audited for specified professionals with respect to goods and services tax (GST). 

The Institute has argued that the benefits of such an audit outweigh the ease of compliance that the new rule would bring for assessees. “We have clarified that thousands of crores of rupees collected in tax (GST) happened because of the chartered accountants...It was not self declaration, but because the CA