The Ministry of Corporate Affairs, Cost Audit Branch is expected to be in the process of notifying the amendments to the Companies (Cost Records and Audit) Rules, 2014 subsequent to implementation of GST and reporting thereof. The MCA had issued an Exposure Draft in June 2018 and it is understood that they have since then finalised the same though the Final Notification is still awaited.
Based on the Exposure Draft, we need to be prepared for the reporting requirements, especially regarding reporting of GST. Original Part D-6 is no longer applicable in view of changes implimented in the indirect taxationregime through GST.
Institute in its wisdom must definately be aware about this and may be taking active steps so that the changes are notified well in advance. However , Will be grateful to receive your suggestions and input on this matter.
B.Com (Hons), FCMA,FIV,MIMA,MICA
Co-Chairman, UP Chapter of ASSOCHAM & Head of Cost Cell
President, Institute of Cost Accountants of India (2012-13)
Partner- M/s Shome & Banerjee (Delhi,Kolkata&Mumbai)