Cost audit compulsory or not
This query is : Resolved
ammaji rajulapati
(Querist)
04 October 2013
Dear Friends,
A Private Limited (Unlisted) Company Manufactured Ayurveda Products Its Turnover Exceed 20 Crores FY 2012-13.Cost audit is compulsory for this company please clarify the doubt.
A Private Limited (Unlisted) Company Manufactured Ayurveda Products Its Turnover Exceed 20 Crores FY 2012-13.Cost audit is compulsory for this company please clarify the doubt.
CMA Ramesh Krishnan
(Expert)
17 October 2013
What is the excise tariff entry number for your product?
20 July 2024
Yes, based on the information provided, cost audit would be compulsory for the Private Limited (Unlisted) Company manufacturing Ayurveda products if its turnover exceeds Rs. 20 crores during the financial year 2012-13. According to the Companies (Cost Records and Audit) Rules, 2014, which were in effect during that period:
- For manufacturing companies, if the turnover from the sale or supply of goods exceeds Rs. 20 crores, cost audit is mandatory.
- The turnover limit for other companies (such as trading companies) was Rs. 100 crores.
Since your company's turnover exceeded Rs. 20 crores in FY 2012-13 and it is engaged in manufacturing Ayurveda products, it falls under the category where cost audit is compulsory.
It's important to note that these rules may have been updated subsequently, so it's advisable to check for any recent amendments or notifications from the Ministry of Corporate Affairs to confirm the current applicability of cost audit for your company.
- For manufacturing companies, if the turnover from the sale or supply of goods exceeds Rs. 20 crores, cost audit is mandatory.
- The turnover limit for other companies (such as trading companies) was Rs. 100 crores.
Since your company's turnover exceeded Rs. 20 crores in FY 2012-13 and it is engaged in manufacturing Ayurveda products, it falls under the category where cost audit is compulsory.
It's important to note that these rules may have been updated subsequently, so it's advisable to check for any recent amendments or notifications from the Ministry of Corporate Affairs to confirm the current applicability of cost audit for your company.
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