TaxTMI 
TaxTMI 
Companies (cost records and audit) Amendment Rules, 2017
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...., the following Forms shall respectively be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2016, namely:- "FORM CRA-I (See rule 5(1) of the Companies (cost records and audit) Rules, 2014) Particulars relating to the Items of Costs to be included in the Books of Accounts 1. Material Costs.- (a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference. (b) The material receipt shall be valued at purchase price including duties and taxes, freight inwards, insurance, and other expenditure directly attributable to procurement (net of trade discounts, rebates, taxes and duties refundable or to be credited by the taxing authorities) that can be quantified with reasonable accuracy at the time of acquisition. (c) Finance costs incurred in connection with the acquisition of materials shall not form part of material cost. (d) Self-manufactured materials or captive consumption shall be valued including direct material cost, dir....
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....y overheads, share of administrative overheads relating to production but excluding share of other administrative overheads, finance cost and marketing overheads. (p) The material cost of normal scrap or defectives which are rejects shall be included in the material cost of goods manufactured. The material cost of actual scrap or defectives, not exceeding the normal shall be adjusted in the material cost of good production. Material cost of abnormal scrap or defectives should not be included in material cost but treated as loss after giving credit to the realisable value of such scrap or defectives. (q) Material costs shall be directly traced to a cost object to the extent it is economically feasible or shall be assigned to the cost object on the basis of material quantity consumed or similar identifiable measure and valued as per above principles. (r) Where the material costs are not directly traceable to the cost object, the same shall be assigned on a suitable basis like technical estimates. (s) Where a material is processed or part manufactured by a third party according to specifications provided by the buyer, the processing ....
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....e whole or part of the remuneration is computed as a per cent. of profits. Remuneration paid to non-executive directors shall not form part of employee cost but shall form part of administrative overheads. (e) Separation costs related to voluntary retirement, retrenchment, termination and other related matters shall be amortised over the period benefitting from such costs. (f) Employee cost shall not include imputed costs. (g) Cost of idle time is ascertained by the idle hours multiplied by the hourly rate applicable to the idle employee or a group of employees. (h) Where employee cost is accounted at standard cost, variances due to normal reasons related to employee cost shall be treated as part of employee cost. Variances due to abnormal reasons shall be treated as part of abnormal cost. (i) Subsidy or grant or incentive and any such payment received or receivable with respect to any employee cost shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (j) Any abnormal cost where it is material ....
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....ower, water, steam, effluent treatment, and other related utilities produced and consumed by the different cost centres in such detail as to have particulars for each utility separately. (b) Each type of utility shall be treated as a distinct cost object. (c) Cost of utilities purchased shall be measured at cost of purchase including duties and taxes, transportation cost, insurance and other expenditure directly attributable to procurement (net of trade discounts, rebates, taxes and duties refundable or to be credited) that can be quantified with reasonable accuracy at the time of acquisition. (d) Cost of self-generated utilities for own consumption shall comprise direct material cost, direct employee cost, direct expenses and factory overheads. (e) In case of utilities generated for the purpose of inter unit transfers, the distribution cost incurred for such transfers shall be added to the cost of utilities determined as above. (f) Cost of utilities generated for the inter-company transfers shall comprise direct material cost, direct employee cost, direct expenses, factory overheads, distribution cost and share of ad....
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....tion of cost statements of an organisation. (r) While assigning cost of utilities, traceability to a cost object in an economically feasible manner shall be the guiding principle. (s) Where the cost of utilities is not directly traceable to cost object, it shall be assigned on the most appropriate basis. (t) The most appropriate basis of distribution of cost of a utility to the departments consuming services is to be derived from usage parameters. 4. Direct Expenses.- (a) Proper records shall be maintained in respect of direct expenses in such a manner as to enable company to book these expenses cost centre wise or cost abject or department wise with reference to goods or services under reference and to furnish necessary particulars. (b) Direct expenses incurred for the use of bought out resources shall be determined at invoice or agreed price including duties and taxes, and other expenditure directly attributable thereto net of trade discounts, rebates, taxes and duties refundable or to be credited. (c) Other direct expenses shall be determined on the basis of amount incurred in connection therewith. (....
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....rces consumed in such activity. Indirect cost shall include the cost of resources common to various repairs and maintenance activities such as manpower, equipment usage and other costs allocable to such activities. (c) Cost of in-house repairs and maintenance activity shall include cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other resources used in such activity. (d) Cost of repairs and maintenance activity carried out by outside contractors inside the entity shall include charges payable to the contractor and cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other costs incurred by the entity for such jobs. (e) Cost of repairs and maintenance jobs carried out by contractor at its premises shall be determined at invoice or agreed price including duties and taxes, and other expenditure directly attributable thereto net of discounts (other than cash discount), taxes and duties refundable or to be credited. This cost shall also include the cost of other resources provided to the contractors. (f) Cost of repairs and maintenance jobs carried out by outsid....
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....or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (s) Repairs and maintenance costs shall be traced to a cost object to the extent economically feasible. (t) Where the repairs and maintenance cost is not directly traceable to cost object, it shall be assigned based on either of the following the principles of (1) Cause and Effect - Cause is the process or operation or activity and effect is the incurrence of cost and (2) Benefits received - overheads are to be apportioned to the various cost objects in proportion to the benefits received by them. (u) If the repairs and maintenance cost (including the share of the cost of reciprocal exchange of services) is shared by several cost objects, the related cost shall be measured as an aggregate and distributed among the cost objects. 6. Fixed Assets and Depreciation.- (a) Proper and adequate records shall be maintained for assets used for production of goods or rendering of services under reference in respect of which depreciation or amortisation has to be provided for. These records shall, inter-alia, indicate grouping of ....
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....st where it is material and quantifiable shall not form part of the overheads. (e) Finance costs incurred in connection with procured or self-generated resources shall not form part of overheads. (f) Overheads shall not include imputed cost. (g) Overhead variances attributable to normal reasons shall be treated as part of overheads. Overhead variances attributable to abnormal reasons shall be excluded from overheads. (h) Subsidy or grant or incentive and any such payment received or receivable with respect to overheads shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (i) Fines, penalties, damages and similar levies paid to statutory authorities or other third parties shall not form part of the overheads. (j) Credits or recoveries relating to the overheads, material and quantifiable, shall be deducted from the total overhead to arrive at the net overheads. Where the recovery exceeds the total overheads, the balance recovery shall be treated as other income. (k) Any change in the cost accoun....
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....ture directly attributable thereto net of discounts (other than cash discount), taxes and duties refundable or to be credited. (e) Subsidy or grant or incentive and any such payment received or receivable with respect to any administrative overheads shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (f) Administrative overheads shall not include any abnormal administrative cost. (g) Fines, penalties, damages and similar levies paid to statutory authorities or other third parties shall not form part of the administrative overheads. (h) Credits or recoveries relating to the administrative overheads including those rendered without any consideration, material and quantifiable, shall be deducted to arrive at the net administrative overheads. (i) Any change in the cost accounting principles applied for the measurement of the administrative overheads should be made only if it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (j) ....
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....ortation cost for carrying any material or product to job-workers place and back shall be maintained separately so as include the same in the transaction value of the product. (h) Records for transportation cost for goods involved exclusively for trading activities shall be maintained separately and the same shall not be included for claiming any deduction for calculating assessable value excisable goods cleared for home consumption. (i) Records of transportation cost directly allocable to a particular category of products shall be maintained separately so that allocation can be made. (j) For common transportation cost both for own fleet or hired ones, proper records for basis of apportionment shall be maintained. (k) Records for transportation cost for exempted goods, excisable goods cleared for export shall be maintained separately. (l) Separate records of cost for mode of transportation other than road like ship or air are to be maintained, which shall be included in total cost of transportation. (m) Inward transportation costs shall form the part of the cost of procurement of materials which are to be....
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....w fee. (f) Credits or recoveries relating to the amount royalty and technical know-how fee, material and quantifiable, shall be deducted to arrive at the net amount of royalty and technical know-how fee. (g) Any change in the cost accounting principles applied for the measurement of the amount of royalty and technical know-how fee should be made only if, it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (h) Royalty and technical know-how fee that is directly traceable to a cost object shall be assigned to that cost object. In case such fee is not directly traceable to a cost object then it shall be assigned on any of the following basis, namely:- i) Units produced; ii) Units sold; or iii) Sales value. (i) The amount of royalty fee paid for mining rights shall form part of the cost of material. (j) The amount of royalty and technical know-how fee shall be assigned on the nature or purpose of such fee. The amount of royalty and technical know-how fee related to product or process know how shall be treated as cost o....
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....nbsp; Credits or recoveries relating to research and development cost, if material and quantifiable, including from the sale of output produced from the research and development activity shall be deducted from the research and development cost. (g) Research and development costs attributable to a specific cost object shall be assigned to that cost object directly. Research and development costs that are not attributable to a specific product or process shall not form part of the product cost. (h) Development cost which results in the creation of an intangible asset shall be amortised over its useful life. Assignment of development costs shall be based on the principle of "benefits received". (i) Research and development costs incurred for the development and improvement of an existing process or product shall be included in the cost of production. In case the research and development activity related to the improvement of an existing process or product continues for more than one accounting period, the cost of the same shall be accumulated and amortised over the estimated period of use of the improved process or estimated period over whi....
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....f the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (h) Any abnormal portion of the quality control cost where it is material and quantifiable shall not form part of the cost of quality control. (i) Penalties, damages paid to statutory authorities or other third parties shall not form part of the quality control cost. (j) Any change in the cost accounting principles applied for the measurement of the quality control cost shall be made only if, it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (k) Quality control cost that is directly traceable to the cost object shall be assigned to that cost object. Assignment of quality control cost to the cost objects shall be based on benefits received by them on the principles, namely:- (i) Cause and Effect - Cause is the process or operation or activity and effect is the incurrence of cost and (ii) Benefits received - overheads are to be apportioned to the various cost objects in proportion to the benefits re....
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....e, utilities, and other resources used in such activity. (i) Cost of pollution control activity carried out by outside contractors inside the entity shall include charges payable to the contractor and cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other costs incurred by the entity for such jobs. (j) Cost of pollution control jobs carried out by contractor at its premises shall be determined at invoice or agreed price including duties and taxes, and other expenditure directly attributable thereto net of discounts (other than cash discount), taxes and duties refundable or to be credited. This cost shall also include the cost of other resources provided to the contractors. (k) Cost of pollution control jobs carried out by outside contractors shall include charges made by the contractor and cost of own materials, consumable stores, spares, manpower, equipment usage, utilities and other costs used in such jobs. (l) Each type of pollution control namely, water, air, soil pollution shall be treated as a distinct activity, if material and identifiable. (m) Finance costs incurred in co....
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....ssigned to the products passing through the process based on the quantity of the pollutant generated by the product. (y) Where the pollution control cost is not directly traceable to cost object, it shall be treated as overhead and assigned based on either of the following two principles; namely:- (i) Cause and Effect - Cause is the process or operation or activity and effect is the incurrence of cost; and (ii) Benefits received - overheads are to be apportioned to the various cost objects in proportion to the benefits received by them. 14. Service Department Expenses.- (a) Proper records shall be maintained in respect of service departments, that is, cost centres which primarily provides auxiliary services across the enterprise, to indicate expenses incurred in respect of each such service cost centre like engineering, work shop, designing, laboratory, safety, transport, computer cell, welfare and other related centres. (b) Each identifiable service cost centre shall be treated as a distinct cost object for measurement of the cost of services subject to the principle of materiality. (c) Cost of service ....
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....ce shall be determined based on the normal capacity or actual capacity utilisation whichever is higher and unabsorbed cost, if any, shall be treated as abnormal cost. Cost of a Stand-by service shall include the committed costs of maintaining such a facility for the service. (p) Any abnormal cost where it is material and quantifiable shall not form part of the cost of the service cost centre. (q) Penalties, damages paid to statutory authorities or other third parties shall not form part of the cost of the service cost centre. (r) Credits or recoveries relating to the service cost centre including charges for services rendered to outside parties, material and quantifiable, shall be reduced from the total cost of that service cost centre. (s) Any change in the cost accounting principles applied for the measurement of the cost of service cost centre shall be made, only if it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an enterprise. (t) While assigning cost of services, traceability to a cost object in an economically feasible manner shall be the gui....
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.... reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (i) Issue of packing materials shall be valued using appropriate method as per the provisions contained in the accounting standard applicable for the time being in force. (j) Wherever, packing material costs include transportation costs, determination of costs of transportation shall be in accordance with paragraph number 9 on determination of cost of transportation. (k) Packing material costs shall not include imputed costs. (l) Where packing materials are accounted at standard cost, the price variances related to such materials shall be treated as part of packing material cost and the portion of usage variances due to normal reasons shall be treated as part of packing material cost. Usage variances due to abnormal reasons shall be treated as part of abnormal cost. (m) The normal loss arising from the issue or consumption of packing materials shall be included in the packing materials cost. (n) Any abnormal cost where it is material and quantifiable shall be ex....
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....g) Interest paid for or received on investment shall not form part of the finance costs for production of goods or operations or services rendered; (h) Assignment of finance costs to the cost objects shall be based on either of the following two principles; namely:- (i) Cause and Effect - Cause is the process or operation or activity and effect is the incurrence of cost and (ii) Benefits received - to be apportioned to the various cost objects in proportion to the benefits received by them. 17. Any other item of Cost.- Proper records shall be maintained for any other item of cost being indispensable and considered necessary for inclusion in cost records for calculating cost of production of goods or rendering of services, cost of sales, margin in total and per unit of the goods or services under reference. 18. Capacity Determination.- (a) Capacity shall be determined in terms of units of production or services or equivalent machine or man hours. (b) Installed capacity is determined based on- i) Manufacturers' technical specifications; ii)  ....
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....r records shall be maintained for each item of by-product, if any, produced showing the receipt, issues and balances, both in quantity and value. The basis adopted for valuation of by-product for giving credit to the respective process shall be equitable and consistent and should be indicated in cost records. Records showing the expenses incurred on further processing, if any, and actual sales realisation of by-product shall be maintained. The proper records shall be maintained in respect of credits or recoveries from the disposal of by-products. b) The cost up to the point of separation of products or services shall be apportioned to joint products or services on reasonable and equitable basis and shall be applied consistently. The basis on which such joint costs are apportioned to different products or services arising from the process shall be indicated in the cost records. Proper records shall be maintained in respect of credits or recoveries from the disposal of joint products or services. 22. Adjustment of Cost Variances.- Where the company maintains cost records on any basis other than actual such as standard costing, the records shall indicate the procedure f....
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....ls and rejected goods including scraps, and other related materials; ii) utilisation of plant facilities and technical know-how; iii) supply of utilities and any other services; iv) administrative, technical, managerial or any other consultancy services; v) purchase and sale of capital goods including plant and machinery; and vi) any other payment related to the production of goods or rendering of services under reference. (e) These records shall also indicate the basis followed for arriving at the rates charged or paid for such goods or services so as to enable determination of the reasonableness of such rates in so far as they are in any way related to goods or services under reference. 25. Expenses or Incentives on Exports.- (a) Proper records showing the expenses incurred on the export sales, if any, of the goods or services under reference shall be separately maintained so that the cost of export sales can be determined correctly. Separate cost statements shall be prepared for goods or services exported giving details of export expenses incurred or incentive earned. (b) &nbs....
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.... shall be valued at the cost of production or cost of service up to the previous stage. (c) Cost statements (monthly, quarterly and annually) in respect of reconciliation of indirect taxes showing details of total clearances of goods or services, assessable value, duties or taxes paid, CENVAT or VAT or Service Tax credit utilised, duties or taxes recovered and interest or penalty paid. (d) If the company is operating more than one plant, factory or service centre, separate cost statements as specified above shall be prepared in respect of each plant, factory or service centre. (e) Any other statement or information considered necessary for suitable presentation of costs and profitability of goods or services produced by the company shall also be prepared. 29. Statistical Records.- (a) The records regarding available machine hours or direct labour hours in different production departments and actually utilised shall be maintained for production of goods or rendering of services under reference and shortfall suitably analysed. Suitable records for computation of idle time of machines or labour shall also be maintained and analysed.....
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....Records and Audit) Rules, 2014 have/have not been maintained by the company in respect of product(s)/service(s) under reference. (iii) In my/our opinion, proper returns adequate for the purpose of the Cost Audit have/have not been received from the branches not visited by me/us. (iv) In my/our opinion and to the best of my/our information, the said books and records give/do not give the information required by the Companies Act, 2013, in the manner so required. (v) In my/our opinion, the company has/does not have adequate system of internal audit of cost records which to my/our opinion is commensurate to its nature and size of its business. (vi) In my/our opinion, information, statements in the annexure to this cost audit report gives/does not give a true and fair view of the cost of production of product(s)/rendering of service(s), cost of sales, margin and other information relating to product(s)/service(s) under reference. (vii) Detailed unit-wise and product/service-wise cost statements and schedules thereto in respect of the product/service under reference of the company duly audited and certified by me/us are/are not kept in the company. Observations and sugges....
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....ail id of cost auditor or cost auditor's firm Membership number of member signing report Name of member signing report Name(s) of product(s) or service(s) with CETA Headings - 29 11 12 SRN number of Form 23C/CRA-2 Number of audit committee meeting attended by cost auditor during year 13 Date of signing cost audit report and annexure by cost auditor 14 Place of signing cost audit report and annexure by cost auditor 3. Cost Accounting Policy (1) Briefly describe the cost accounting policy adopted by the Company and its adequacy or otherwise to determine correctly the cost of production/operation, cost of sales, sales realisation and margin of the product(s)/service(s) under reference separately for each product(s)/service(s). The policy should cover, inter alia, the following areas: a) Identification of cost centres/cost objects and cost drivers. b) Accounting for material cost including packing materials, stores and spares, employee cost, utilities and other relevant cost components. c) Accounting, allocation and absorption of overheads d) Accounting for Depreciation/Amortisation e) Accounting for by-products/joint-products or services, scarps, wastage e....
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....d) + 5(c) + 6(d)] 8. Actual Sales (a) Domestic Sales of Product 31 Previous Unit Current Year Year (b) Domestic Sales of Traded Product (c) Export Sale of Product (d) Export Sale of Traded Product (e) Total Quantity Sold 2. ABRIDGED COST STATEMENT (for each product with CETA Heading separately) Name of Product CETA Heading Unit of Measure Productio n Finished Goods Purchase Finished Stock Adjustmen Captive Consumptio Other Adjustment Quantity Sold n S t Current Year Previous Year Sno Particulars 1 Materials Consumed (specify details as per Para 2A) 23 Process Materials/Chemicals Utilities (specify details as per 2B) 4 Direct Employees Cost Current Year Amoun t (Rs.) Rate per Unit (Rs.) Previous Year Amoun t (Rs.) Rate per Unit (Rs.) 5 Direct Expenses 6 Consumable Stores and Spares 7 Repairs and Maintenance 8 Quality Control Expenses 9 Research and Development Expenses 11 12 10 Technical know-how Fee / Royalty Depreciation/Amortisation Other Production Overheads Industry Specific Operating Expenses (specify details 13 as per Para 2C) 14 Total (1 to 13) 15 Increase/Decrease in Work-in-Progress 16 Less: Credi....
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....ces Provided (a) Own Services (b) Services under contractual arrangements (c) Outsourced Services 34 Current Year Amount Previous Year Amount Unit of Measurement Current Year Previous Year (d) Total Services 3. Total Services provided as per Service Tax Records 4. Capacity Utilisation (in-house) 5. Actual Sales (a) Services rendered - Domestic (b) Services rendered - Export (c) Total Services Rendered 2. ABRIDGED COST STATEMENT (for each service separately) Name of Service Service Code (if applicable) Unit of Measure Current Year Previous Year Sn Particulars 0. Services Provided Captive Consumption Adjustments Other Services rendered Current Year Previous Year Amou nt Rate per Unit (Rs.) Amount Rate per (Rs.) Unit (Rs.) 1 Materials Consumed (specify details as per Para 2A) 72 (Rs.) 2 Utilities (specify details as per Para 2B) 3 Direct Employees Cost 4 Direct Expenses 5 Consumable Stores and Spares 6 Repairs and Maintenance 7 Quality Control Expenses 8 Research and Development Expenses Technical know-how Fee / Royalty Depreciation/Amortisation Other Overheads 9 10 11 12 13 Total (1 to 12) Industry Specific Oper....
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....ct(s)/service(s) (b) For the un-audited product(s)/service(s) 2 Add: Incomes not considered in cost accounts (specify details) a) b) c) d) e) f) g) h) 3 i) j) Less: Expenses not considered in cost accounts (specify details) a) 4 b) c) d) e) f) g) h) i) j) Difference in Valuation of stock between financial accounts and cost accounts 5. Other adjustments, if any 6 Profit or Loss as per Financial Accounts (excluding Other Comprehensive Income for companies following Ind AS) Current Year Rs. Previous Year Rs. Note: Show abnormal wastages, expenses on strikes/lock-outs and any other items of expenses or incomes of abnormal nature etc. not considered in cost separately 1 38 ' 3. VALUE ADDITION AND DISTRIBUTION OF EARNINGS (for the company as a whole) Sno. Particulars Value Addition: 1 Gross Sales (excluding sales returns) 2 Less: Excise duty, etc. 3 Net Sales 4 5 6 Add: Export Incentives Add/Less: Adjustment in Finished Stocks Less: Cost of bought out inputs (a) Cost of Materials Consumed (b) Process Materials/Chemicals (c) Consumption of Stores and Spares (d) Utilities (e.g. power and fuel) (e) Others, if any Total Cost of....
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.... Act, 2013. 5. RELATED PARTY TRANSACTIONS (for the company as a whole) Sn 0. Name and Address Name of the Product of the Related Service Nature of Transactio n (Sale, Purchase etc.) Quantit y Transfer Amount Price Normal Price Basis adopted to determine the Normal Price Party 1 2 3 4 40- 6 781 9 10 NOTES: 1) Details should be furnished for each Related Party and Product/Service separately. 2) Details of Related Party transactions without indicating the Normal Price and the basis thereof shall be considered as incomplete information. 6. Reconciliation of Indirect Taxes (for the Company as a whole) Cess Particulars Assessabl e Value Excise Service and VAT Duty Tax Others Rs. Rs. Rs. Rs. Rs. Duties/Taxes Payable Excise Duty 1 Domestic 2 Export 3 Stock Transfers (Net) 4 Duty Free Clearance, Others etc. 5 Total Excise Duty (1 to 4) 6 Service Tax 7 VAT, CST etc. 8 Other State Taxes, if any 6 Total Duties/Taxes Payable (5 to 8) Duties/Taxes Paid 10 Cenvat/VAT Credit Utilised - Inputs 11 Cenvat/VAT Credit Utilised - Capital Goods Cenvat/VAT Credit Utilised - Input Services Cenvat/VAT Credit Utilised - Ot....