The Union Budget 2021 has scrapped GST Audit as Section 35(5) has been committed from the GST Act. In this regard, several taxpayers and professionals were confused whether GST Audit will be applicable for FY 2019-20. CBIC, via their official Twitter handle, has clarified that GST Audit will be applicable for FY 19-20. Read the official Tweet below:
CBIC notifies that Sections 35 and 44 of CGST Act are proposed to be amended in Finance Bill 2021.
However, these proposals will come into effect from a date to be notified later.
For FY 2019-20, the existing provisions shall continue.
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