Consequent upon the issue of Cost Audit Order No. 52/26/CAB-2010, dated 30th June 2011 by the Cost Audit Branch of the Ministry of Corporate Affairs of the Government of India two significant transitional changes have emerged:
1. The Cost Audit Orders are now being issued or intended to be issued not the Company/Product Specific BUT the Industry Specific
2. To describe the industry and products Central Excise Tariff Act of 1985 has been made a reference
In view thereof it can be inferred that following are the products which are now covered under mandatory application of COST ACCOUNTING RECORDS RULES 2011 with reference to the Central Excise Tariff Act, 1985 subject to the conditions specified in the relevant Cost Accounting Records Rules as issued recently vide GSR429 (E), 03.06.11 and further FAQs issued by the ICWAI (http://www.mca.gov.in/Ministry/notification/pdf/Common_Record_Rules_03jun11.pdf, and http://www.icwai.org/icwainew/docs/FAQ_Companies_Cost_Accounting_Rules_2011.pdf), following Products appear to have been covered under mandatory application of cost accounting rules under The Companies (Cost Accounting Records) Rules, 2011 subject to the fulfillment of certain conditions as laid down therein:
ANIMAL PRODUCTS
VEGETABLE PRODUCTS
ANIMAL OR VEGETABLE FATS AND OILS AND THEIR CLEAVAGE PRODUCTS; PEPARED EDIBLE FATS; ANIMAL OR VEGETABLE WAXES
PREPARED FOODSTUFFS; BEVERAGES AND VINEGAR; TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES
MINERAL PRODUCTS
PRODUCTS OF THE CHEMICAL OR ALLIED INDUSTRIES
PLASTICS AND ARTICLES THEREOF; RUBBER AND ARTICLES THEREOF
RAW HIDES AND SKINS; LEATHER, FURSKINS AND ARTICLES THEREOF; SADDLERY AND HARNESS; TRAVEL GOODS, HANDBAGS AND SIMILAR CONTAINERS; ARTICLES OF ANIMAL GUT (OTHER THAN SILK-WORM GUT)
WOOD AND ARTICLES OF WOOD; CORK AND ARTICLES OF CORK; MANUFACTURERS OF STRAW OF ESPARTO OR OF OTHER PLAITING MATERIALS, BASKET-WARE AND WICKERWORK
PULP OF WOOD OR OF OTHER FIBROUSCELLULOSIC MATERIAL; RECOVERED (WASTE AND SCRAP) PAPER OR PAPER-BOARD; PAPER AND PAPER-BOARD AND ARTICLES THEREOF
TEXTILES AND TEXTILE ARTICLES
FOOTWEAR, HEADGEAR, UMBRELLAS, SUN UMBRELLAS, WALKINGSTICKS, SEAT-STICKS, WHIPS, RIDING-CROPS AND PARTS THEREOF, PREPARED FEATHERES AND ARTICLES MADE THEREWITH; ARTIFICIAL FLOWERS, ARTICLES OF HUMAN HAIR
ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS: CERAMIC PRODUCTS: GLASS AND GLASSWARE
NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF: IMITATION JEWELLERY; COIN
BASE METALS AND ARTICLES OF BASE METAL
MACHINERY AND MECHANICAL APPLIANCES, ELECTRICLA EQUIPMENTS; PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS, AND PARTS AND ACCESSORIES OF SUCH ARTICLES
VEHICLES, AIRCRAFT, VESSELS AND ASSOCIATED TRANSPORT EQUIPMENT
OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS AND APPARATUS; CLOCKS AND WATCHES; MUSICAL INSTRUMENTS; PARTS AND ACCESSORIES THEREOF
ARMS AND AMMUNITION, PARTS AND ACCESSORIES THEREOF
MISCELLANEOUS MANUFACTURED ARTICLES like FURNTIURE, BEDDING, MATTRESSES, TOYS, ETC.
1. The Cost Audit Orders are now being issued or intended to be issued not the Company/Product Specific BUT the Industry Specific
2. To describe the industry and products Central Excise Tariff Act of 1985 has been made a reference
In view thereof it can be inferred that following are the products which are now covered under mandatory application of COST ACCOUNTING RECORDS RULES 2011 with reference to the Central Excise Tariff Act, 1985 subject to the conditions specified in the relevant Cost Accounting Records Rules as issued recently vide GSR429 (E), 03.06.11 and further FAQs issued by the ICWAI (http://www.mca.gov.in/Ministry/notification/pdf/Common_Record_Rules_03jun11.pdf, and http://www.icwai.org/icwainew/docs/FAQ_Companies_Cost_Accounting_Rules_2011.pdf), following Products appear to have been covered under mandatory application of cost accounting rules under The Companies (Cost Accounting Records) Rules, 2011 subject to the fulfillment of certain conditions as laid down therein:
ANIMAL PRODUCTS
VEGETABLE PRODUCTS
ANIMAL OR VEGETABLE FATS AND OILS AND THEIR CLEAVAGE PRODUCTS; PEPARED EDIBLE FATS; ANIMAL OR VEGETABLE WAXES
PREPARED FOODSTUFFS; BEVERAGES AND VINEGAR; TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES
MINERAL PRODUCTS
PRODUCTS OF THE CHEMICAL OR ALLIED INDUSTRIES
PLASTICS AND ARTICLES THEREOF; RUBBER AND ARTICLES THEREOF
RAW HIDES AND SKINS; LEATHER, FURSKINS AND ARTICLES THEREOF; SADDLERY AND HARNESS; TRAVEL GOODS, HANDBAGS AND SIMILAR CONTAINERS; ARTICLES OF ANIMAL GUT (OTHER THAN SILK-WORM GUT)
WOOD AND ARTICLES OF WOOD; CORK AND ARTICLES OF CORK; MANUFACTURERS OF STRAW OF ESPARTO OR OF OTHER PLAITING MATERIALS, BASKET-WARE AND WICKERWORK
PULP OF WOOD OR OF OTHER FIBROUSCELLULOSIC MATERIAL; RECOVERED (WASTE AND SCRAP) PAPER OR PAPER-BOARD; PAPER AND PAPER-BOARD AND ARTICLES THEREOF
TEXTILES AND TEXTILE ARTICLES
FOOTWEAR, HEADGEAR, UMBRELLAS, SUN UMBRELLAS, WALKINGSTICKS, SEAT-STICKS, WHIPS, RIDING-CROPS AND PARTS THEREOF, PREPARED FEATHERES AND ARTICLES MADE THEREWITH; ARTIFICIAL FLOWERS, ARTICLES OF HUMAN HAIR
ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS: CERAMIC PRODUCTS: GLASS AND GLASSWARE
NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF: IMITATION JEWELLERY; COIN
BASE METALS AND ARTICLES OF BASE METAL
MACHINERY AND MECHANICAL APPLIANCES, ELECTRICLA EQUIPMENTS; PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS, AND PARTS AND ACCESSORIES OF SUCH ARTICLES
VEHICLES, AIRCRAFT, VESSELS AND ASSOCIATED TRANSPORT EQUIPMENT
OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS AND APPARATUS; CLOCKS AND WATCHES; MUSICAL INSTRUMENTS; PARTS AND ACCESSORIES THEREOF
ARMS AND AMMUNITION, PARTS AND ACCESSORIES THEREOF
MISCELLANEOUS MANUFACTURED ARTICLES like FURNTIURE, BEDDING, MATTRESSES, TOYS, ETC.
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