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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
