GST AUDIT REQUIREMENT


 

Notification No. 29/2021 – Central Tax dated 30th July 2021 •

In section 35 of the CGST Act, sub-section (5) omitted w.e.f 1 st August 2021 • Compliance obligation of the mandatory requirement of getting annual accounts audited and submitting reconciliation statement by specified professional removed to allow self-certification. • Before removal of Section 35(5), every registered person whose turnover during a financial year exceeded the prescribed limit of Rs. 2 crores, was required to get his accounts audited by a chartered accountant or a cost accountant and submit a copy of the audited annual accounts, the reconciliation statement under section 44(2) and such other documents in such form and manner as prescribed in CGST Rules.

Comments

Post a Comment

Popular posts from this blog

Deductions Interest Payments U/S 24 2022

Image
  Deductions from income from house property U/S 24 Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely: a sum equal to thirty percent of the annual value 79(b) where the property has been acquired, constructed, repaired, renewed, or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction 80[or, as the case may be, the aggregate of the amount of deduction] shall not exceed thirty thousand rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April 1999 and such acquisition or construction is completed within five years from the end of the financial year in which capital was borrowed, the amount of deduction 81[or, as the case may be, the aggreg...
Read more

15 Benefits of Investing in the United States-2023

Image
  15 Benefits of Investing in the United States:   1. Large and diverse economy: The United States has the largest economy in the world, with a GDP of over $20 trillion. It is also one of the most diverse economies, with industries ranging from technology and finance to agriculture and manufacturing. This diversity provides investors with a wide range of opportunities across different sectors and industries. Additionally, the US economy is known for its resilience and ability to recover quickly from economic downturns, providing a level of stability for investors. 2. Strong currency: The US dollar is considered a strong currency and is widely used as a reserve currency around the world. This means that it is widely accepted and in demand, providing investors with a level of security when conducting transactions. Additionally, the US dollar is relatively stable in comparison to other currencies, which can help to mitigate the risks associated with currency fluctuations. This ca...
Read more

Top 10 ITR Filing Documents

Image
Your Comprehensive ITR Filing Checklist: Top 10 Documents for Tax Filing Success It’s that time of the year again – tax season is upon us! As you gear up to file your Income Tax Return (ITR), having a well-organized checklist of essential documents is key to a smooth and stress-free filing process. Let’s delve into the top 10 documents and best practices that make up your ITR filing essentials. 1. PAN Card: The cornerstone of your tax identity, ensure your Permanent Account Number (PAN) card is readily available. It’s a must-have for all tax-related transactions. 2. Form 16 – Your Salaried Lifeline: For employed individuals, Form 16 is your go-to document. Issued by your employer, it provides a detailed summary of your salary, deductions, and TDS (Tax Deducted at Source). 3. Bank Statements: Compile comprehensive statements from all your bank accounts. These statements serve as a financial trail, validating your income and expenditure. 4. Investment Proofs: Gather do...
Read more