I-T dept again defers GST, GAAR reporting in tax audit till March 2020

The income-tax (I-T) depart-ment on Tuesday put off for the second time the require-ment for companies and professionals to include in their tax audit report the details of GST and the General Anti-Avoidance Rules (GAAR).

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The reporting requirement of these details in I-T audit form has been kept in abeyance till March 31, 2020. Business entities having a turnover of more than Rs 1 crore and professionals with gross receipts of more than Rs 50 lakh have to comply with audit needs.