Regarding maintenance of cost records, is it compulsory for SEZ unit to maintain cost records irrespective of its turnover being less than 35 crores? Although such a unit is exempt from cost audit.
First we need to check about applicability of cost records then it’s exemption and then we need to check about cost audit then it’s exemption.
If previous year turnover is not 35 crores or more then cost records are not applicable, irrespective of whether or not I’m sez and then no question of cost audit
If previous turnover 35 crores or more then cost records applicable and if I’m sez , exemption from cost audit only