We are engaged in production of CI/ DI Castings including brake drum used by Tata motors for there automobiles(under subheading (87 of Excise) our turnover of FY 2011-12 Was Rs. 205 Crores.
My query is that weather cost audit is mandatory for us or not.
09 November 2013
Hello, As per the industry specific cost order dated 24 Jan 2012, under serial number 7, which includes Automotive components. The cost audit is applicable from the FY 2012-13 if turnover for previous FY i.e. 2011-12. And as in your case for the year 2011-12 the turnover is exceeding 100 crores, cost audit is applicable. For further queries you can contact me on 09742022309.
CAclubindia
