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of <h1>Fertilizer Industry Rules 2011: Companies must maintain detailed cost records; penalties for non-compliance; 180-day compliance report deadline.</h1> The Cost Accounting Records (Fertilizer Industry) Rules, 2011, issued by the Ministry of Corporate Affairs, supersede the 1993 rules, mandating companies in the fertilizer sector to maintain detailed cost records. Applicable to companies with a net worth over five crore rupees or turnover exceeding twenty crore rupees, these rules require the maintenance of cost records in accordance with generally accepted cost accounting principles. Companies must submit a compliance report, certified by a cost accountant, within 180 days of the financial year's end. Non-compliance by companies or cost accountants may result in penalties, while existing rights and liabilities under the 1993 rules remain unaffected.
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