Navneet Kumar Jain

Disclosures of COVID-19 impact on business during finalization of accounts

CA, CS, CMA - CMA Navneet Kumar Jain Disclosures of COVID-19 related impact on business through various statutory documents during finalization of accounts The world is in the grip of CORONA commonly known as COVID-19. It has impacted the way of life drastically and adversely. Incomes of the common masses, business houses and of the governments have ta...

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Identification of COVID Related Abnormal Expenses/Losses & Inventory Valuations

CA, CS, CMA - Whole of the world is experiencing entirely unprecedented situation wherein almost all the businesses have been shut or were shut. The world practically has come to a standstill wherein Economic cycle has touched its bottom but to rise from the bottom, there has to be some stimulus from the governments. Various business organisations are ...

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GST annual figures for 2018-19 to be reported in Cost Records/ Cost Audit Annexures/ Reports

CA, CS, CMA - As per section 148 of the Companies Act 2013, the specific companies are required to maintain the cost records (having turnover exceeding Rupees Thirty-Five Crores*) and/or are supposed file Cost Audit Reports (for companies having turnover exceeding Fifty/Hundred Crores*) with Ministry of Corporate Affairs....

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Responsibility of Directors: As Regards Maintenance of Cost Records

CA, CS, CMA - The Institute of Cost Accountants of India has issued a guidance note on the RESPONSIBILITY OF DIRECTORS: AS REGARDS MAINTENANCE OF COST RECORDS in January 2019. The guidance note aims to provide the guidance to the company to obtain a Assurance Certificate for Maintenance of Cost Records before incorporating the disclosure with regard t...

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New Dimensions to GST Annual Report & GST Audit

CA, CS, CMA - 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....

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Recent Posts in "Navneet Kumar Jain"

Disclosures of COVID-19 impact on business during finalization of accounts

CMA Navneet Kumar Jain Disclosures of COVID-19 related impact on business through various statutory documents during finalization of accounts The world is in the grip of CORONA commonly known as COVID-19. It has impacted the way of life drastically and adversely. Incomes of the common masses, business houses and of the governments have ta...

Read More

Identification of COVID Related Abnormal Expenses/Losses & Inventory Valuations

Whole of the world is experiencing entirely unprecedented situation wherein almost all the businesses have been shut or were shut. The world practically has come to a standstill wherein Economic cycle has touched its bottom but to rise from the bottom, there has to be some stimulus from the governments. Various business organisations are ...

Read More

GST annual figures for 2018-19 to be reported in Cost Records/ Cost Audit Annexures/ Reports

As per section 148 of the Companies Act 2013, the specific companies are required to maintain the cost records (having turnover exceeding Rupees Thirty-Five Crores*) and/or are supposed file Cost Audit Reports (for companies having turnover exceeding Fifty/Hundred Crores*) with Ministry of Corporate Affairs....

Read More

Responsibility of Directors: As Regards Maintenance of Cost Records

The Institute of Cost Accountants of India has issued a guidance note on the RESPONSIBILITY OF DIRECTORS: AS REGARDS MAINTENANCE OF COST RECORDS in January 2019. The guidance note aims to provide the guidance to the company to obtain a Assurance Certificate for Maintenance of Cost Records before incorporating the disclosure with regard t...

Read More

New Dimensions to GST Annual Report & GST Audit

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....

Read More

Amendments in Companies Cost Records and Audit Rules

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....

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GST data & Cost Records/ Cost Audit Annexures to be maintained

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 implementation of GST. ...

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Anti-Profiteering Provisions: Will Cost Records Act As A Saviour for Companies

The anti-profiteering provisions are there in GST Acts to help the government to ensure that the common masses enjoy the benefits of the reduction in rates by way of reduced prices....

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GST and SCNs issued by MCA for non compliance with Cost Audit Provisions

Show Cause Notices (SCNs) 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...

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Budget 2017-18 : Moving toward Digitised Economy: Cash is not the King now

It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there wer...

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