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Questions › Category: CA-Final Cost Audit › Question regarding applicability of cost records
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Urvashi jainurvashi jain asked 6 years ago

Sir, please correct me if I am wrong:
For checking whether cost records are required to be maintained, the turnover of 35 crore in last year has to be seen IRRESPECTIVE OF WHETHER THE COMPANY OPERATES IN REGULATED/NON REGULATED SECTOR/SEZ

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RaviRavi Staff answered 6 years ago

for applicability of cost records
1st Condition — Company should be producing item either from regulated or non regulated sector
2nd Condition — total turnover of all products taken together (regulated + nonregulated + others) past year exceeds 35 crores
3rd Condition — Cost records are to be maintained only for those items which fall under regulated / non regulated list