20 September 2011
Chapter 84: Nuclear reactors, boilers, machinery and mechanical appliance; parts thereof my co. turnover is 200cr. is it compulsory to maintain cost records/ books. we have no any intimation from MCA or cost audit branch to maintain it i wants to know about that cost audit or compliece report of cost records are necessory or not ?
20 September 2011
Consequent upon the issue of Common Cost Accounting Records Rules by the MCA vide http://www.mca.gov.in/Ministry/notification/pdf/Common_Record_Rules_03jun11.pdf, those industries/products covered within the parameters prescribed need to maintain cumpulsorily the Cost Accounting Records. Thus there is no need to prescribe separately for Company Specific the earstwhile practice. Since you mentioned that being covered under Chapter 84 classification of products under Central Excise tariff act, you are required to maintain the due cost accounting records.
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