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Goods and Services Tax - 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....
Read MoreGoods and Services Tax - 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...
Read MoreGoods and Services Tax - 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...
Read MoreGoods and Services Tax - Normally, the companies have casual approach towards compliance with regard to the Costing Provisions. Few of the companies have already paid a price for it and had to pay high additional fees for appointment of Cost Auditors each for 2011-12, 2012-13 or 2013-14....
Read MoreGoods and Services Tax - 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 statutory documents primarily. Now after realizing the need for the availability of production, capacity and costing data for policy decision making, in 2011 MCA brought in the co...
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