MCA vide notification dated 31st December 2014
has made amendment in the Companies (cost records and audit) Rules, 2014
through Companies (Cost Records and Audit) Amendment Rules, 2014. The details
of amendment is reproduced as below:-
1.
In rule 2
After clause (a) the following clause shall be
inserted:-
(aa)
Central Excise Tariff Act Heading means the heading as referred in the
Additional Notes in the First schedule of the central Excise Tariff Act, 1985
[5 of 1986]
2.
Rule 3 shall be substituted by the following rule:-
Position
under existing rule 3:
The existing rule 3 provides for applicability
of the requirement of maintaining the cost records on the following class of
companies:
- Companies engaged in production
of prescribed goods under strategic sector
- Prescribed classes of company
regulated by sectoral regulator or a ministry or department of central
government
- Companies operating in areas
involving public interest
- Company including foreign
company (other than liaison offices) engaged in the production, import, supply
or trading of prescribed category of medical devices.
For
each of the aforesaid classes of companies, a separate limits were prescribed
for the compliance of the rule
Rule
3 after amendment:
“3. Application of Cost Record - For the
purposes of sub-section (I) of section 148 of the Act. the class of companies,
including foreign companies defined in clause (42) of section 2 of the Act,
engaged in the production of the goods or providing services, specified in the
fable below, having an overall turnover from all its products and services of
rupees thirty five crore or more during the immediately preceding financial
year, shall include cost records for such products or services in their books
of account, namely:-
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MCA has notified the much awaited amendments to Cost
Rules.