Cost compliance report/cost audit applicability
This query is : Resolved
28 October 2013
Dear Members,
We are the manufacturing company of Fabrics, and various counts of Yarn. The turnover for the year 2010-11 is around 46 Crore and for the year 2011-12 it is around 37 Crore and for the last year (i.e., 2012-13) it is 48 Crores.
Under which category we have to make compliance? Whether to file Cost Audit Report or Cost Compliance Report. What are the eligibility criteria applicable for our concern.
Kindly clarify the same.
Thanks in Advance
With Regards
Arunachalam Muthalagappan
We are the manufacturing company of Fabrics, and various counts of Yarn. The turnover for the year 2010-11 is around 46 Crore and for the year 2011-12 it is around 37 Crore and for the last year (i.e., 2012-13) it is 48 Crores.
Under which category we have to make compliance? Whether to file Cost Audit Report or Cost Compliance Report. What are the eligibility criteria applicable for our concern.
Kindly clarify the same.
Thanks in Advance
With Regards
Arunachalam Muthalagappan
CMA Ramesh Krishnan
(Expert)
28 October 2013
Please check your excise tariff details and compare the product category
Cost audit apply when the turnover exceeding Rs.20 Crore
Cost audit apply when the turnover exceeding Rs.20 Crore
CMA Narendra Mundra
(Expert)
09 November 2013
I think cost compliance will be applicable in your case, not cost audit
Santosh Kalburgi
(Expert)
09 November 2013
On fabrics, cost audit is applicable when any one of the following 3 criteria satisfied.
1. Total Turnover from operations exceeds 100 crores . Or,
2. Networth exceeds 5 crores,Or,
3. the company is a listed.
Please check the above conditions too. Also pls note that fabric was covered under the cost audit order dated 24 Jan 2012. and hence your company will come under cost audit from April 2012 and audit/complaince will be applicable from FY 2012-13 onwards.
1. Total Turnover from operations exceeds 100 crores . Or,
2. Networth exceeds 5 crores,Or,
3. the company is a listed.
Please check the above conditions too. Also pls note that fabric was covered under the cost audit order dated 24 Jan 2012. and hence your company will come under cost audit from April 2012 and audit/complaince will be applicable from FY 2012-13 onwards.
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