8 - 8Shares
UDIN will be mandatory for GST & Tax Audit Reports from 1st April 19
UDIN ( Unique Document Identification Number ) was made mandatory after the decision was taken in 379th Council Meeting held on 17th & 18th December 2018. ICAI mandated the use of UDIN whereby all the practicing Chartered Accountants are required to generate UDIN for all Certificates issued. Especially, wherever the CAs are certifying that the Financial Information/related contents is True and Fair / True and Correct, the UDIN is mandatory.
Objective behind UDIN
UDIN is an initiative taken by ICAI to curb misrepresentation. Some people pose as Chartered Accountants and forge signatures on documents to mislead authorities. With the use of UDIN; banks, RBI, Income Tax Department, etc. can check the validity of the documents issued by the Chartered Accountant. and the authenticity of the documents attested will be confirmed.
Click here to know more about UDIN, why and how to register or generate UDIN).
Phased Implementation
ICAI planned the implementation of UDIN generation in a phased manner – in 3 phases.
1st Phase w.e.f. 1st February 2019
It is mandatory for a Chartered Accountant to generate a UDIN for all the certificates issued on and after 1st February 2019. Click here to see the illustrative list of certificates for which UDIN was mandatory in this phase.
2nd Phase w.e.f. 1st April 2019
ICAI today announced that it will be mandatory for a Chartered Accountant to generate a UDIN for GST Audit Reports & Tax Audit Reports on and after 1st April 2019.
ICAI has clarified that this would also be applicable for Bank Audits too. Hence, Chartered Accountants are requested to adhere to the same while conducting Bank Audits too.
3rd Phase w.e.f. 1st July 2019
It will be mandatory for a Chartered Accountant to generate a UDIN for all other attesting functions carried out by a CA other than mentioned in Phase 1 & Phase 2.
(Click here to read more about the certificates omitted from UDIN in phase 1 )
Click below to receive regular updates
You may also like:
- Non-applicability of UDIN
- ICAI: Compilation of notifications for January 2019
- NFRA Rules: What is changing?
- NFRA v/s ICAI: Who is the ultimate authority
- Non-filers Monitoring System (NMS): Another masterstroke by Govt.
- Latest Changes in the GSTN Return filing system
- UDIN: ICAI defers the deadline
- MTAR IPO Subscription Status - 03/03/2021
- IPOs Upcoming in March 2021 - 01/03/2021
- RailTel IPO Subscription Status - 16/02/2021
- 8Shares
8