Section 110 of Finance Act 2021 : Amendment of section 35.
Section 111 of Finance Act 2021 : Substitution of new section for section 44.
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Quick Summary
Recent updates from the CBIC, following amendments in the Finance Act 2021, indicate a significant change regarding GST audits. Specifically, businesses with an annual turnover below Rs 5 crore are now exempt from filing GSTR-9C. While not explicitly stated as 'no GST audit henceforth', this waiver is a key development for many companies.