The Central Board of Indirect Taxes and Customs (CBIC) notified no GST Audit will 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 1st day of August, 2021, as the date on which the provisions of sections 110 and 111 of the said Act shall come into force,” the CBIC notified.
Section 110 of the Finance Act, 2021 omitted section 35 of the Central Goods and Services Tax Act, sub-section (5).
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, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed.
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 further that nothing contained in this section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.Subscribe Taxscan AdFree to view the Judgment