MCA vide Notification no. G.S.R (E) on Wednesday, 20th December, 2017 have amended the Companies (Cost records and audit) Rules, 2014 (Principal rules) and issued Companies (Cost records and audit) Second Amendment Rules, 2017 to that effect.
In the principal rules, the following amendments have been made with effect from 1st day of July, 2017 –
- Under rule 2 (aa) the following clause Central Excise Tariff Act Heading” means the heading as referred to in the Additional Notes in the First Schedule to the Central Exercise Tariff Act, 1985 (5 of 1986)” shall be replaced by substituting the same by ““Customs Tariff Act Heading” means the heading as referred to in the Additional Notes in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)”;
- In rule 3, words “Central Excise Tariff Act Heading” wherever applicable, shall be replaced by words “”Customs Tariff Act Heading”;
- In the forms CRA-2, CRA-3 & CRA-4, the words “CETA Heading”, wherever it occurs, shall be substituted with the words “CTA Heading”.
The said Notification can be accessed from the following link: MCA Notification 23_GSR(E)_20.12.2017_Cos (cost records and audit) Second Amendment Rules, 2017