Abolition of GST annual audit requirement could save up to ₹30K crore annually

The government’s decision to do away with the mandatory Goods and Services Tax (GST) annual audit requirement by professionals such as chartered accountants will help over 10 million firms save audit fees worth about ₹30,000 crore annually, besides reducing compliance burden, two officials with direct knowledge of the matter said. The Budget proposes removing the mandatory requirement of gett…