Articles by CMA Navneet Kr Jain

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Mapping of figures being reported in the GST documents with the other statutory documents has caught the eyes of the taxation authorities. Newspapers are flooded with the news of matching of the data being reported by the corporates in GST returns with other documents. Cost Records and cost audit an..

Posted in GST |   338 Views

RESPONSIBILITY OF DIRECTORS: AS REGARDS MAINTENANCE OF COST RECORDS ASSURANCE CERTIFICATE FOR MAINTENANCE OF COST RECORDS Maintenance of Cost Records and data generated through the Cost Audit Reports approved by the Directors of the companies has caught the eyes of the regulators. The activiti..

Posted in Corporate Law |   1475 Views

The article is an attempt to explore the untouched areas in the GST Audit arena. The companies have started the GST audit processes and are focussing on GSTR 9 (It will be given by the system later) and GSTR 9C but somehow companies are missing the vital links for the GST Audit. The articles has ..

Posted in GST  1 comments |   4782 Views

The much awaited demand of the stake holders with regard to the fine-tuning of Companies Cost Records and Audit Rules has been met with though not fully by the Ministry of Corporate Affairs. The amendments have modified the few words in the rules to widen the scope and some more HSN codes have be..

Posted in Corporate Law |   1455 Views

GST data & Cost Records/Cost Audit Annexures to be maintained as per the headings of Customs Tariff Headings: Four Digit Level or Eight Digit Level MCA has issued one notification issued on 20th Dec 2017 which is going to pave the way for alignment of Cost Records with GST records after the i..

Posted in GST  2 comments |   1416 Views

With the government's clear intention of providing the benefits to common masses by bringing down the GST rates on most of the items, now it's time for the companies to keep all the costing & pricing data ready with audit trails so as to convince any authority about the increase or decre..

Posted in GST  1 comments |   942 Views

Show Cause Notices issued by MCA for non-compliance with the Cost Audit Provisions: Is it a beginning to ensure collection of authenticated data at HSN code level for GST Cost Audit mechanism was instituted by the government of India to ensure that companies reap the benefits of critical exami..

Posted in GST  2 comments |   2937 Views

The government has dedicated one specific portion in the budget to usher in new era of economy with less cash (not cashless). The budget included many provisions which touched upon cash transaction in one or the other way. The days does not seem to be far away our economy will be moving through the ..

Posted in Others  2 comments |   5134 Views

.style2 { text-decoration: none; } Though audit is normally linked with accounts but in the context of revenue collection, audit is the backbone in the taxation system to ensure the generation/collection of correct amount of taxes. In the current taxation regime, the audits are condu..

Posted in GST  1 comments |   1327 Views

Reporting Under Cost Audit aligned with Eight Digit Central Excise Tariff Code for Manufacturing Sector  From 2014-15 India is a country which introduced the concept of Cost Audits for the corporates. Till 2011, the cost audit report formats were never aligned with any of other statutor..

Posted in Audit |   4219 Views

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