Changes Proposed to India’s GST Audit Regime Under Finance Bill 2021

India’s 2021 federal budget (Finance Bill 2021) has proposed changes to the audit regime for goods and services taxes (GST) to ease the burden on businesses. The amendment calls for removing the mandatory requirement to audit GST accounts annually and submitting reconciliation statements prepared by chartered accountants and cost and management accountants. The GST audit process involves examinati…