Office-bearers of the Institute of Chartered Accountants of India met Finance Minister Nirmala Sitharaman on Sunday to discuss the implications of the move to dispense with audit under the GST Act.
They said the government's move to simplify compliance of law for the smooth functioning of the trade and industry sector is commendable. They emphasised the need to strike a balance between ease of doing business vis-a-vis compliance of law. However, chartered accountants said the move to suspend GST audit will not only lead to huge leakage in tax revenue, but also increased litigation and corruption.
The Finance Minister expressed concern over the level of tax evasion. She said that the opinion of the Institute of Chartered Accountants of India will be given due consideration.
Babu Abraham Kallivayalil, Chairman, Professional Development Committee of the Institute of Chartered Accountants of India; Jomon K George, Former Chairman, Regional Council; Ranjith Warrier, Chairman, Ernakulam Branch; KV Jose, Vice Chairman; Deepa Varghese, Secretary were part of the delegation that met the Finance Minister in Kochi.
The Minister was here to inaugurate a political rally of of the State President of BJP, K Surendran, in connection with the ensuing Assembly polls.