All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authorities. As the Cost Records and GST records both use the HSN codes for reporting purposes, leniency in the maintenance of cost records or missing out on getting the cost audit conducted can cost a lot to the organisations.
Get ready for scrutiny of GST returns for 2017-18 and 2018-19. CBIC issues instructions as CGST begins audits. Stay prepared for potential queries.
Budgets are announced by states and center to provide an idea as to from the money will come and where the money will go so far as government functioning is concerned. The budget is also an indicator with regard to the government’s vision as to where resources should be utilized for overall development of the […]
MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17.
COVID pandemic subsiding and GST Department Stepping up the Heat on the Assesses With COVID pandemic subsiding, the activities of GST department with regard to the scrutiny of the data filed for the year 2017-18 have increased. The GST assessees are getting communications from the GST department along with system generated excel files showing various […]
All About Cost Audit Applicability and its disclosures in other statutory documents The pandemic has again brought the focus on the importance of cost management of resources in the most effective and most efficient manner. The government of India had already mandated the maintenance of Cost Records and Cost audits under Companies Act 2013. Through […]
Income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partial faulty Too much of digitisation has its ill effects and now with the communications sent by Income Tax departments after digital review of the assessees data, it seems that the ill effects are going to cost […]
GST Department Issues Notices To Debtors of Defaulters To Make Good For Default In Deposit of GST Dues The status of Indian economy and tax collections is known to everyone. Recently, the date released by the department showed very good increase in the GST collections and GST collections crossed Rs. one lac crore mark continuously […]
The budget presented on Ist Feb 2021 has brought apparently some good news for the assesses but adverse news for the professionals like CMAs and CAs on GST front with regard to discontinuance of GST audit as the professionals had put in lot of labour to streamline the GST mechanisms in the organisations during GST […]
