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Amended Cost Records and Audit Rules

Amended Cost Records and Audit Rules

  • The Companies are required to maintain Cost Records if turnover exceeds Rs. 35 crores or more during immediately preceding Financial Year in respect of the products and services specified.
  • The New Cost Audit Rules has categorised the Entities into Regulated Sector and Unregulated Sectors; The Entities falling under the Regulated sectors having overall annual turnover of Rs. 50 crores or more and the aggregate turnover of the individual products or services of Rs. 25 crores or more have to get their Cost Records Audited.
  • Six sectors are brought under the Regulated category namely Telecommunication services; Power generation, jaeger lecoultre replica, Transmission, Distribution and Supply; Petroleum products; Drugs and Pharmaceuticals; Fertilisers; Sugar and Industrial alcohol.
  • The Entities falling under the Unregulated category viz. Business of plastics and polymers, glass, electrical, textiles, milk powder businesses, etc., having annual turnover of Rs. 100 crores or more and the aggregate turnover of the individualbreitling replica watches products or services of Rs. 35 crores or more have to get their Cost Records Audited.
  • Exemptions are provided to Companies whose revenue from exports, in foreign exchange, exceeds 75% of total revenue and Companies operating from Special Economic Zones.
  • Casual Vacancy of a cost auditor shall be filled by BOD within 30 days of such vacancy and company shall inform the central government in form CRA-2 cartier replica watches within 30 days of such appointment of cost auditor.
  • Particulars to be included in books of accounts

Amended Cost Records and Audit Rules

Gujarat VAT department has issued circular

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