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By General Circular No. 12/2012, dated 4th June 2012 the Ministry has issued general clarifications on Cost Accounting Records and Cost Audit Order No. 52/26/CAB-2010, dated 2nd May, 2011. It shall be applicable as under:
(a) For all companies wherein their products/activities are already covered under any of the erstwhile industry-specific Cost Accounting Records Rules and meeting with the threshold limits mentioned in the said Cost Audit Orders — in respect of each financial year commencing on or after the 1st day of April, 2011 i.e., from the financial year 2011-12 onwards.
(b) For all companies wherein their products/activities are for the first time covered under any of the revised industry-specific Cost Accounting Records Rules, and meeting with the threshold limits mentioned in the said Cost Audit Orders — in respect of each financial year commencing on or after the 7th December, 2011 i.e., from the financial year 2012-13 (including calendar year 2012) onwards.
In case of companies engaged in production, processing, manufacturing or mining of multiple products/activities, if any of their products/activities are not covered under the industry-specific Cost Accounting Records Rules, but are covered under the Companies (Cost Accounting Records) Rules, 2011 notified vide GSR 429(E), dated June 3, 2011 and wherein such products/activities are not covered under cost audit vide cost audit orders dated June 30, 2011 and January 24, 2012; such companies shall be required to file compliance report with the Central Government in accordance with the clarifications given vide para
(a) of the MCA’s General Circular No. 68/2011, dated 30-11-2011.
