Articles by CMA Navneet Kr Jain

GSTAT- Procedural Framework and Legal Provisions Governing GST Appeals

CMA Navneet Kr Jain 26 April 2025 at 08:34

Recently, the government initiated a few actions to ensure the operationalisation of the GSTAT mechanism. Now the Goods and Services Tax Appellate Tribunal (Procedure) Rules, 2025 (GSTATPR) have been released.

Show Cause Notices Issued by MCA for Non-Compliance with Cost Audit Provisions & Handling of Such Notices

CMA Navneet Kr Jain 02 April 2025 at 08:37

The Ministry of Corporate Affairs has recently issued a number of notices to various companies for not complying with the various provision under section 148 of the Companies Act 2013 primarily for non filing of cost audit reports

Cost Audit and Cost Records Applicability 2024-25 & Non Compliance attracting Show Cause Notices

CMA Navneet Kr Jain 26 June 2024 at 08:29

Simple way of checking the applicability of Section 148 with regard to applicability of maintenance of Cost records or cost audit for 2024-25 is to review the financials of 2023-24 &Check the Total turnover of the Company

Delay in complying with timelines relating to Cost Audit 2023-24 to be informed to MCA by Cost Auditors

CMA Navneet Kr Jain 13 May 2024 at 08:41

Recently, MCA issued various notices after reviewing the cost audit reports, and now ICMAI has come up with an advisory, which we need to follow. We request that you ensure the accuracy of the data, the timely completion of the data, and the filing of the cost audit report.

Promoters and Board of Director's New Focus: Inventory Valuation under Income Tax

CMA Navneet Kr Jain 29 September 2023 at 09:52

The Central Board of Direct Taxes under the Department of Revenue, Ministry of Finance, Government of India on 27th Sep 2023 notified the Form 6D for Inventory Valuation. The budget 2023 brought in provision with regard to the Inventory Valuation by Cost Accountants on the directions from the Income Tax Department under section 142(2A).

Notices issued for Non-Maintenance of Cost Records u/s 148 of Companies Act

CMA Navneet Kr Jain 20 March 2023 at 09:10

Ministry of Corporate Affairs, Government of India has notified the amendment in the Companies (Accounts) Rules, 2014 which mandates the directors to report on requirement and the maintenance of cost records under section 148 of the Companies Act 2013.

Issue of notices and Review of Cost Audit Reports by MCA: A warning signal for Auditors and Directors

CMA Navneet Kr Jain 14 October 2022 at 08:56

The government has started relying on the professional and has given certain certification powers to the professionals who are being regulated by the professional Institutes.

Notices for non-appointment of Cost Auditors for 2017-18 being issued by Cost Audit Branch of MCA

CMA Navneet Kr Jain 17 May 2022 at 15:46

Though Companies Act mandated the maintenance of Cost Records and Cost Audit for companies fulfilling certain criteria, however, the companies used to ignore the mandate by simply mentioning in the Director's Report and CARO report that Section 148 is not applicable.

Cost Audit and Cost Records Applicability 2022-23

CMA Navneet Kr Jain 02 May 2022 at 09:04

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.

CGST department likely to commence Scrutiny of GST returns for 2017-18 and 2018-19

CMA Navneet Kr Jain 23 March 2022 at 10:39

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.