<h1>India Updates Companies (Cost Records and Audit) Rules: New Overhead Classifications and GST Reconciliation from April 2017.</h1> The Government of India has issued amendments to the Companies (Cost Records and Audit) Rules, 2014, effective from April 1, 2017. These amendments, under the Companies Act, 2013, include changes in the classification of overheads, treatment of leased assets, and cost statement requirements. Notably, companies that have already filed their Cost Audit Report for the 2017-2018 financial year are exempt from refiling. The amendments also address the reconciliation of indirect taxes due to the introduction of the Goods and Services Tax (GST). No individuals are adversely affected by these retrospective changes.