Companies (Cost records and audit) Amendment Rules, 2018

The Ministry of Corporate Affairs (MCA) on December 03, 2018 has published the Companies (Cost records and audit) Amendment Rules, 2018 to further amend the Companies (Cost records and audit) Rules, 2014.

Some of the major amendments in the Companies (Cost records and audit) Rules, 2014 are as under:

·         In Rule 3 which specifies the procedure for application of Cost record, in TABLE, under the heading (B) Non-regulated Sectors:

o   Against Sr No. 7 for the words “services rendered by a Port in relation to vessel or goods regulated by the Tariff Authority for Major Ports” the words, figures and brackets “services rendered for a Port in relation to vessel or goods regulated by the Tariff Authority for Major Ports under the Major Port Trusts Act, 1963 (38 of 1963)” shall be substituted;

o   Against Sr No. 13, after the entry ‘8608’, the entry ‘8609’ shall be inserted;

o   Against Sr No. 19, after the entry ‘5303’, the entry ‘5307’ shall be inserted;

o   Against Sr No. 28, for the words ‘Paper’, the words ‘Pulp and Paper’ shall be substituted and before the entry ‘4801 to 4802’, the entry ‘4701 to 4704’ shall be inserted;

o   Against Sr No. 29, after the entry ‘5303’, the entry ‘5307’ shall be inserted.

·         In Rule 6 which specifies the provisions related to Cost Audit, in sub-rule (6), the following proviso shall be inserted, namely:

“provided that the Companies which have got extension of time of holding Annual General Meeting under Section 96(1) of the Companies Act, 2013, may file Form CRA-4 within resultant extended period of filing financial statements under section 137 of the Companies Act, 2013”.

·         In Annexure:

In FORM CRA-1, paragraph no 31 shall be inserted, namely:

31. Unit of Measurement (UOM)

URL: http://www.mca.gov.in/Ministry/pdf/CompaniesAmendmentRulesCostAndAudit_03122018.pdf