Navneet Kumar Jain

Responsibility of Directors: As Regards Maintenance of Cost Records

Company Law - 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

Company Law - 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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Amendments in Companies Cost Records and Audit Rules

Company Law - 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

Company Law - 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

Company Law - 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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Recent Posts in "Navneet Kumar Jain"

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
Posted Under: Company Law |

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....

Read More
Posted Under: Company Law |

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. ...

Read More
Posted Under: Company Law |

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....

Read More
Posted Under: Company Law |

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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Posted Under: Company Law |

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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Posted Under: Company Law |

Penalties For Non Compliance With Cost Records & Cost Audit Provisions For 2014-15 Onwards

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....

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Posted Under: Company Law |

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 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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Posted Under: Company Law |

Tax Audit & Cost Audit – Correlation & Amendments

CMA Navneet Kumar Jain Any organization has to undergo many audits like Financial Audit, Tax Audit, VAT Audit, Excise Audit, Service Tax Audit & Cost Audit. Cost Audit was made applicable to most of the companies since the year 2011 and in the year 2014 again many of the industries  were apparently excluded from applicability [&helli...

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Posted Under: Company Law |

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