GST Audit : Certification Responsibility Shifted to Management [FY 2020-21 onwards]

1. Finance Act 2021 – Self Certification of reconciliation Statement instead of certification by CA/CMA.

2. 43rd GST Council Meeting made it applicable for FY 2020-21 as well.

3. Reason that collection is more through Annual Return (GSTR-9) is incorrect.

4. Shift the responsibility to management.

5. Annual Review of GST by Independent Tax Professionals ensures that Compliances are done properly.

6. It aware the management about any mistakes or any contrary stands taken by the Organizations.

7. In some cases – Person doing regular compliances try to hide errors.

8. Department have 5 years to asses tax in case of fraud, suppression etc. In case of Self Certification it will be easy for them to allege fraud etc.

9. In my View, the Organizations should not discontinue their Annual Review of GST Compliances.