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TMI BlogThe Companies (Cost Records and Audit) Amendment Rules,2014.X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) They shall come into force from the date of their publication in the official Gazette. 2. In the Companies (Cost Records and Audit) Rules 2014, - (i) in rule 2, after clause (a), the following clause shall be inserted, namely:- "(aa) "Central Excise Tariff Act Heading" means the heading as referred to in the Additional Notes in the First Schedule to the Central Excise Tariff Act, 1985 [5 of 1986] (ii) for rule 3, the following rule shall be substituted, namely:- "3. Application of Cost Records.- For the purposes of sub-section (1) of section 148 of the Act, the class of companies, including foreign companies defined in clause (42) of section 2 of the Act, engaged in the production of the goods or providing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ace and atomic energy sectors excluding any ancillary item or items; Explanation. - For the purposes of this sub-clause, any company which is engaged in any item or items supplied exclusively for use under this clause, shall be deemed to be covered under these rules 8401 to 8402; 8801 to 8805; 8901 to 8908 2. Turbo jets and turbo propellers; 8411 3. Arms and ammunitions; 3601 to 3603; 9301 to 9306. 4. Propellant powders; Prepared explosives (other than propellant powders); safety fuses; detonating fuses; percussion or detonating caps; igniters; electric detonators; 3601 to 3603 5. Radar apparatus, radio navigational aid apparatus and radio remote control apparatus; 8526 6 Tanks and other armoured fighting vehicles, motorised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2526; 2528 to 2530; 2601 to 2617 16. Mineral fuels (other than Petroleum), mineral oils etc.; 2701 to 2708 17. Base metals; 7401 to 7403; 7405 to 7413; 7419; 7501 to 7508; 7601 to 7614; 7801 to 7802; 7804; 7806; 7901 to 7905; 7907; 8001; 8003; 8007; 8101 to 8113. 18. Inorganic chemicals, organic or inorganic compounds of precious metals, rare-earth metals of radioactive elements or isotopes, and Organic Chemicals; 2801 to 2853; 2901 to 2942; 3801 to 3807; 3402 to 3403; 3809 to 3824. 19. Jute and Jute Products; 5303, 5310 20. Edible Oil 1507 to 1518 21. Construction industry as per pars No. (5) (a) as specified in Schedule VI of the Companies Act, 2013 (18 of 2013) Not applicable. 22. Health services, namely functioning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 9018 to 9022 Provided that nothing contained in serial number 33 shall apply to foreign companies having only liaison offices. Provided further that nothing contained in this rule shall apply to a company which is classified as a micro enterprise or a small enterprise including as per the turnover criteria under sub-section (9) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006). (iii) for rule 4, the following rule shall be substituted, namely:- "4. Applicability for cast audit.- (1) Every company specified in item (A) of rule 3 shall get its cost records audited in accordance with these rules if the overall annual turnover of the company from all its products and services during the imme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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