Chanting of the Holy Name Yields All Results of Austerity. By chanting Hare Krsna one attains the highest perfectional stage, formerly attained only by great austerities: If one wants to perform austerities and penances in order to attain the supreme goal, one must attain the favor of the Supreme Personality of Godhead. If one achieves the favor of the Supreme Lord, it is to be understood that he has finished all kinds of austerities and penances and has attained efficiency in their execution. On the other hand, if one does not attain the perfect stage of devotional service, all austerities and penances actually have no meaning, for without the Supreme Lord no one can attain the highest results derived from performing them. As stated in Bhagavad−gita (5.29), Lord Sri Krsna is the master of all penances and sacrifices. Bhoktaram yajna−tapasam sarva−loka−mahesvaram. Thus the desired result of performing austerities may be derived from Lord Krsna...
Even if a person is born in a family of candalas−the lowest birth one can get in human society−he is glorious if he chants the holy names of the Lord, for it is to be understood that by such chanting a devotee definitely proves that he underwent all kinds of austerities in his previous life. By the grace of Lord Caitanya, one who chants the maha−mantra (Hare Krsna, Hare Krsna, Krsna Krsna, Hare Hare/ Hare Rama, Hare Rama, Rama Rama, Hare Hare) attains the highest perfectional stage, which had previously been attained by people who entered the ocean and executed austerities for ten thousand years. In this age of Kali, if a person does not take advantage of chanting the Hare Krsna mantra, which is offered as a great concession to the fallen human beings of this age, it is to be understood that he is very much bewildered by the illusory energy of the Lord.
¯Srimad−Bhagavatam 4.24.14