Cost audit
This query is : Resolved
Rakesh Sharma
(Querist)
19 March 2015
A pvt. ltd. company having turnover as below :-
F.Y. Turnover
2012-13 67.00 Cr.
2013-14 116.00 Cr.
2014-15 135.00 Cr.
We cover under SSI unit (Value of Plant & Mac. below 2 Cr.)
Should we get Cost audit from Cost Accountants. If we have to, from which financial year? Any other compliance in respect of the same.
Please advise.
F.Y. Turnover
2012-13 67.00 Cr.
2013-14 116.00 Cr.
2014-15 135.00 Cr.
We cover under SSI unit (Value of Plant & Mac. below 2 Cr.)
Should we get Cost audit from Cost Accountants. If we have to, from which financial year? Any other compliance in respect of the same.
Please advise.
Jitendra Joshi
(Expert)
22 March 2015
Dear Mr. Rakesh,
To determine applicability of Cost Audit to a company there are three criteria to check about.
a)- Whether the company is listed in capital market?
b)- Net worth of the company.
c)- Turnover of the company.
Turnover and net worth slabs vary depending upon the nature of goods produced.
Thus you need to provide Excise chapter heading wise turnover for each year to determine the applicability of Cost Audit to your company.
To determine applicability of Cost Audit to a company there are three criteria to check about.
a)- Whether the company is listed in capital market?
b)- Net worth of the company.
c)- Turnover of the company.
Turnover and net worth slabs vary depending upon the nature of goods produced.
Thus you need to provide Excise chapter heading wise turnover for each year to determine the applicability of Cost Audit to your company.
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