10 mn firms to benefit from doing away with GST audit

March 03, 2021 13:26

Pic: Reuters

Information: Kind courtesy CA (Dr) Raj Chawla:

1. Income-tax penalties (other than exclusions), imposable by Addl. CIT/JCIT & below, shall remain with National Faceless Assessment Centre. CBDT Order of 26.2.21.

2. Government's decision to do away with the mandatory Goods and Services Tax annual audit requirement by professionals such as chartered accountants will help over 10 million firms save audit fees worth about Rs 30,000 crore annually, besides reducing compliance burden.

3. Securities and Exchange Board of India has proposed sweeping changes to rules governing independent directors, including norms that pertain to their appointment and removal, eligibility criteria and remuneration structure. The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors.

4. Establishment of branch office (BO), liaison office (LO) or project office (PO) in India. Establishment of a BO/LO is permitted under general permission route and specific permission ('Govt' approval route).

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