Tax Professionals Body suggests govt. not to delete the provisions of GST Audit by Audit Professionals

Tax Professionals - provisions of GST Audit - Audit Professionals - Taxscan

The Tax Professionals Body Bhartiya Vitta Salahakar Samiti (BVSS) in the press release suggest the government not to delete the provisions of “GST Audit by audit professionals” i.e. Chartered Accountants (CAs) and Cost and Management Accountants (CMAs).

The Samiti while highlighting the purpose of decision of the government said, the basis of the decision taken by the Government seems to be that substantial part of the GST liability discharged by the registered tax payers vide DRC-03 at the time of filing annual returns, is paid by them suo-moto

“Contrary to this, the fact is that the said tax paid by the taxpayers and shown along with GSTR-9 is a result of hand holding by the professional performing GST audit. The shortcomings which are found in the records of the taxpayer at the time of annual audit, are informed to the taxpayer by the auditor concerned and the same is reflected by them in the annual return filed by the taxpayers in GSTR-9,” the press release said.

It further added, qualified professionals are able to handhold and also persuade the taxpayers to clear out their GST liabilities. This helps the government to get timely revenue, as also helps the taxpayer to clear the dues well within time.

BVSS is of the considered view that reconciliation of GST returns with the audited financials is an extremely crucial task entailing a lot of responsibility, which can be completed only by qualified professionals having in-depth understanding of financial statements, accounting concepts as also the GST law.

BVSS pointed out that by the professionally prepared and verified reconciliation statements, the revenue can get structured data, helping officials to perform their task more effectively. The audit professionals therefore act as a bridge between the Government and the Industry.

BVSS said, “it is the audit/tax professionals who get the compliance done. BVSS also feels that by removing the provisions of audit by the audit professionals, there shall be significant adverse impact on revenue and sharp drop in compliance levels.”

Therefore, BVSS strongly suggested that the provisions of GST audit by audit professionals should not be deleted.

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