Corporate Updates – 05-01-2015


MCA has notified the much awaited amendments to the Companies (Cost Records & Audit) Rules, 2014 which come into effect from the date of notification. According to the amended Rules, Companies are required to maintain Cost Records if turnover exceeds Rs. 35 crores or more during immediately preceding Financial Year in respect of the products and services specified. Further Cost Audit is applicable if turnover exceeds Rs. 50 crores for regulated industry & Rs. 100 crores for others. Exemptions are provided to Companies whose revenue from exports, in foreign exchange, exceeds 75% of total revenue and Companies operating from Special Economic Zones.


DVAT Authorities has granted facility of VAT exemption/refund to Embassy of the Republic of Latvia in New Delhi, for its official use as well as for the personal use of the diplomats. This exemption is extended in accordance with the principle of reciprocity in public interest after making the necessary amendments in the DVAT Act which shall come into force with effect from 22nd September 2014.


Speak Your Mind