Interviews
Exempt Cost Accounting Rules under Companies Act - CII
28 Jan '08
2 min read
Moreover, non-application of these Rules to traded imported goods put our local industry to an unfair cost disadvantage, by unnecessarily increasing its transaction costs.
The apparent reasons for Cost Accounting is the grant of subsidies and to protect Government revenues. However, subsidized products need to submit specific cost data to their concerned Ministries for this purpose who prescribe their own formats for the same.
Moreover, Government revenue is more than adequately assured by the Central Excise and Income tax laws. E-governance in this sector has also brought about a lot of transparency for revenue collection.
The apparent reasons for Cost Accounting is the grant of subsidies and to protect Government revenues. However, subsidized products need to submit specific cost data to their concerned Ministries for this purpose who prescribe their own formats for the same.
Moreover, Government revenue is more than adequately assured by the Central Excise and Income tax laws. E-governance in this sector has also brought about a lot of transparency for revenue collection.
Confederation of Indian Industry
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