Three-fold jump likely in tax audits post-GST: CAs

CA Dhinal Shah, a central council member of the Institute of Chartered Accountants of India (ICAI) said, “It is estimated that GST will trigger 50-60 lakh tax audits across the country.”

By: Express News Service | Ahmedabad | Updated: July 2, 2017 4:02 am
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Chartered accountants in Gujarat have said that post the GST (Goods and Service Tax) roll-out, there will be at least a three-fold increase in tax audits across the country. They are viewing the new tax regime as a “huge opportunity”.

CA Dhinal Shah, a central council member of the Institute of Chartered Accountants of India (ICAI) said, “It is estimated that GST will trigger 50-60 lakh tax audits across the country.”

He added, “Currently, tax audits across India are approximately 20 lakh. There will be a three time increase in GST audits that will be done by chartered accountants and cost accountants. India has about 1.25 lakh practicing CAs and about 10,000 cost-accountants. The opportunities are huge, it is upon the individual to exploit them,” he added.

ICAI, a statutory body established by an Act of Parliament, will launch a revised syllabus of chartered accountants on Saturday. The curriculum has been changed for the first time after 2006. There will now be a 100-mark paper on GST in the CA final exams. The existing CA course comprises of three stages: foundation level, intermediate level and final level.

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