The CBIC (Central Board of Indirect taxes and Customs) has announced that there will be no GST Audit requirement from August 1, 2021
Now businesses don’t require a CA. Businesses can self-attest the annual GST Return.
However, it increases the risk of intentional or unintentional mis-representation.
Earlier GST Audit was mandatory for businesses whose turnover exceeds Rs. 5 Cr. Annually. But now the Govt. has eradicated this limitation giving thousands of business owners freedom from compliances.
There are certain exemptions as well to whom this freedom is not given. Like the Govt. entities which are required to get audited by CAG.