Executive Summary:
This notification announces the Companies (Cost Records and Audit) Amendment Rules, 2018, which amend the 2014 rules. These amendments, effective from the date of publication in the Official Gazette, concern modifications to the list of non-regulated sectors, filing deadlines, and measurement standards for cost records and audits. The aim is to refine and clarify existing regulations for better compliance and reporting.
Key Points / Main Content:
Amendments to the Companies (Cost Records and Audit) Rules, 2014:
* Rule 1: These rules are called the Companies (Cost Records and Audit) Amendment Rules, 2018.
* Rule 2: They come into force on the date of their publication in the official Gazette.
Amendments to Rule 3 (Non-regulated Sectors):
* Sl. No. 7: Replaces "services rendered by a Port in relation to a vessel or goods regulated by the Tariff Authority for Major Ports" with "services rendered for a Port in relation to a vessel or goods regulated by the Tariff Authority for Major Ports under the Major Port Trusts Act, 1963 (38 of 1963)."
* Sl. No. 8: Replaces "by airports" with "at the airports."
* Sl. No. 13: Inserts the entry "8609" after the entry "8608."
* Sl. No. 19: Inserts the entry "5307" after the entry "5303."
* Sl. No. 28: Replaces "Paper" with "Pulp and Paper" and inserts the entry "4701 to 4704" before the entry "4801 to 4802."
* Sl. No. 29: Inserts the entry "5307" after the entry "5303."
* Sl. No. 33: In point no. xiii, replaces "deflobillator" with "defibrillators."
Amendment to Rule 6 (Filing Deadlines):
* Subrule 6: Companies with extended Annual General Meeting (AGM) timelines under Section 96(1) of the Companies Act, 2013, may file form CRA-4 within the extended period for filing financial statements under Section 137 of the same Act.
Amendments to Annexure:
* Form CRA-1: Inserts paragraph number 31, specifying that the Unit of Measurement (UOM) for each Customs Tariff Act Heading should align with the Customs Tariff Act, 1975.
* Form CRA-3: Adds Note 3, stating that the UOM for each Customs Tariff Act Heading should align with the Customs Tariff Act, 1975.
Impact Analysis:
Central Government:
* Impact: Responsible for the enforcement and oversight of these amended rules.
* Action Required: Ensure the rules are properly published, communicated, and implemented.
Companies:
* Impact: Must comply with the updated rules regarding cost records, audits, and reporting.
* Action Required: Review and update cost accounting practices, reporting templates, and internal controls to align with the new requirements. Ensure timely filing of form CRA-4, considering any extensions for AGM timelines.
Auditors:
* Impact: Need to be aware of the changes in cost record and audit rules to ensure compliance during audits.
* Action Required: Update audit procedures and checklists to reflect the amended rules and measurement standards.
Ports:
* Impact: Concerned with changes to services rendered relating to vessels and goods regulated by the Tariff Authority for Major Ports.
* Action Required: Review practices to ensure compliance with regulations under the Major Port Trusts Act, 1963.
Key Entities Referenced
Companies Act, 2013: A law enacted by the Parliament of India that regulates incorporation of companies, responsibilities of a company, directors, dissolution of a company and other aspects.
Companies cost records and audit Rules, 2014: Rules pertaining to the maintenance and auditing of cost records of companies, as per the Companies Act, 2013.
Ministry of Corporate Affairs: The Indian government ministry responsible for administration of the Companies Act 2013 and other laws related to corporations.
New Delhi: The capital of India, where the notification was issued.
Central Government: The executive authority of the Union of India.
Tariff Authority for Major Ports: An authority that regulates services rendered by a Port in relation to a vessel or goods.
Major Port Trusts Act, 1963: An act of the Parliament of India to provide for the constitution of Port Trusts for certain major ports and to define their powers and functions.
Customs Tariff Act, 1975: An act of the Parliament of India to provide for the levy of customs duties on goods imported into or exported from India.
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अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6) ली, 3 (cid:4)दस(cid:10) बर, 2018
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दान क(cid:25) जा रही सेवाए”ं शMद, अंक और कोOक रखे जाएगं े;
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7005 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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अिधिनयम, 1975 (1975 का 51) म (cid:2)िविनdदR उस िवशषे सीमा शुaक अिधिनयम शीषक6 के अनसु ार समान होगा।”
[फा.स.ं 1/40/2013-सीएल V भाग 1]
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तारीख 07 Jदसhब र, 2017 क(cid:25) सा.का.िन. संDया 1498(अ) और तारीख 20 Jदसh बर, 2017 क(cid:25) सा.का.िन. संDया
1526(अ) (cid:31)ारा सशं ोिधत Jकए गए।
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 3rd December, 2018
G.S.R. 1157(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section
148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to
amend the Companies (cost records and audit) Rules, 2014, namely:-
1. (1) These rules may be called the Companies (cost records and audit) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the official Gazette.
2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the Principal Rules), in rule 3,
in TABLE, under the heading (B) Non-regulated Sectors,-
(i) against Sl. No. 7 for the words “services rendered by a Port in relation to a vessel or goods regulated by the
Tariff Authority for Major Ports” the words, figures and brackets “services rendered for a Port in relation to a
vessel or goods regulated by the Tariff Authority for Major Ports under the Major Port Trusts Act, 1963 (38 of
1963)”, shall be substituted;
(ii) against Sl. No. 8 for the words ‘by airports’ the words ‘at the airports’ shall be substituted;
(iii) against Sl. No. 13, after the entry ‘8608’, the entry ‘8609’ shall be inserted;
(iv) against Sl. No. 19, after the entry ‘5303’, the entry ‘5307’ shall be inserted;
(v) against Sl. 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 ;
(vi) against Sl. No. 29, after the entry ‘5303’, the entry ‘5307’ shall be inserted;¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
(vii) against Sl. No. 33, in point no. (xiii), for the word ‘deflobillator’ the word ‘defibrillators’ shall be substituted;
3. in rule 6, 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.”.
4. In the principal rules, in Annexure,-
(i) in Form CRA-1, paragraph number 31 shall be inserted, namely:-
“31. Unit of Measurement (UOM).
The Unit of Measurement (UOM) for each Customs Tariff Act Heading, wherever applicable, shall be the same
as provided for in the Customs Tariff Act, 1975 (51 of 1975) corresponding to that particular Customs Tariff
Act Heading.”;
(ii) in form CRA-3, in Note, Note (3) shall be added, namely:-
“Note. (3) The Unit of Measurement (UOM) for each Customs Tariff Act Heading, wherever applicable, shall
be the same as provided for in the Customs Tariff Act, 1975 (51 of 1975) corresponding to that
particular Customs Tariff Act Heading.”
[F.No. 1/40/2013-CL-V Part 1]
K.V.R. MURTY, Jt. Secy.
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide
number G.S.R. 425 (E), dated the 30th June, 2014 and amended vide number G.S.R. 01(E), dated the 31st December,
2014 and vide number G.S.R. 486 (E), Dated the 12th June, 2015 and vide number G.S.R. 695 (E), dated the 14th July,
2016 and vide number G.S.R. 1498 (E), dated the 7th December, 2017 and vide number G.S.R. 1526 (E), dated the
20th December, 2017
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.