The Centre has notified the Cost Accounting Records Rules with reference to plantation products, telecommunications and petroleum industry. Every company covered under these Rules is obliged to maintain cost accounting records for each financial year.
The Cost Accounting Records Rules prescribe the manner in which cost records are to be maintained. The Rules aim at creating a cost data base to be utilized by the industries to improve upon their performance in a competitive environment.
Cost Accounting Records Rules have been notified in respect of 47 industries so far. These are: aluminium, batteries, bearings, bulk drugs, caustic soda, cement, chemicals, cosmetic and toiletries, cycle, dry cell batteries, dyes, electric cables and conductors, electric fans, electric industry, electric lamps, electric motors, electronic products, engineering industries, fertilizers, footwear, formulations, industrial alcohol, industrial gases, insecticides, jute goods, milk food, mining and metallurgy, motor vehicles, nylon, paper, petroleum industry, plantation products, polyester, rayon, refrigerators, room air conditioners, shaving systems, soaps and detergents, soda ash, steel plants, steel tubes and pipes, sugar, sulphuric acid, telecommunications, textiles, tyres and tubes and vanaspati.
(Release ID :4185)