I-T department defers GST, GAAR reporting in tax audit for second time

The income tax department for the second time has deferred the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and General Anti-Avoidance Rules (GAAR) till March 2020.

income tax department

The professionals with gross receipts of more than Rs 50 lakh and business entities having a turnover of more than Rs one crore (or Rs two crore if they have opted for presumptive taxation)  have to comply with the tax audit requirements.

The last date for filing the tax return is September 30, 2019 and in case the taxpayer is covered by transfer pricing provisions, the last date is November 30,2019.

“The matter has been examined and it has been decided by the Board that the reporting under clause 30C (pertaining to GAAR)  and clause 44 (pertaining to GST compliance)  of the Tax Audit Report shall be kept in abeyance till March 31, 2020,” the Central Board of Direct Taxes (CBDT) in an order issued said.

The I-T department in July 2018, had changed the tax audit form- 3CD, seeking details under GST as well as GAAR.

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