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Through this article, we have tried to answer most of queries which a company can have with regard to cost records applicability or cost audit.
The CGST department was gearing up all these years and providing training to its officials to undertake GST scrutinies in a professional way and now it has come up with Standard Operating Procedure.
Through this note, an attempt has been made so that the readers could understand the overall structure of the Budget documents and areas one should immediately focus as finance/accounts/tax/costing person or as an economist.
It is important to note that the non-compliance is identified at the earliest by the management itself and appoint the cost auditors before the they receive the notice from the MCA.
Communication regarding Scrutiny of GST Data reads as - "GST scrutiny issues communicated by EIU for the period 2017-18 is forwarded herewith (find attachment) for your information.'
The pandemic has brought the focus on the importance of cost management of resources. In this article, we have answered queries which a company can have with regard to cost records applicability, or cost audit.
The income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partially faulty.
The government seems to be in no mood to let the defaulters/fraudsters escape and is using all provisions to ensure that GST revenue collections keep an upward momentum.
The budget presented on 1st Feb 2021 has brought some good news for the assesses but adverse news for professionals like CMAs and CAs on the GST front, with regard to the discontinuance of GST Audit.
Disclosures of COVID-19 related impacts on business through various statutory documents during finalization of accounts
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