Certification

Certification of the Cost of Production or Acquisition or Supply of Goods or Cost of Provision of Services in line with the Cost Accounting Standard 4 (CAS 4 – Revised 2017) and as per Section 15 (1) of the CGST Act.

As per section 15(1) of the CGST Act, where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply, the value of supply of goods or services or both shall be the transaction value. Section 15(4) provides that where the value of the supply of goods or services or both cannot be determined under sub-section (1), the same shall be determined in such manner as may be prescribed. These have been prescribed under Chapter IV of the CGST Rules, 2017.

This standard should be applied to cost statements that require classification, measurement, assignment, presentation, and disclosure of related costs for determination of the following under the relevant provisions of GST Acts/Rules.

• Determination of cost of production of goods.
• Determination of cost of acquisition of goods.
• Determination of cost of supply of goods.
• Determination of cost of provision/supply of services.
• Determination of value of supply of goods or services as per open market value or as per goods or services of like kind and quality.
• Certificate for Average Cost of Transportation as per Rule 5 of the Central Excise Valuation(Determination of Price of Excisable Goods) Rules, 2000.
• Certificate of product-wise position of production dispatches stock etc. for the year (Annexure III–A)under FICC.

Issuance of various certificates as prescribed by Fertilizer Industry Coordination Committee (FICC) in respect of certifying Cost Data for Subsidy Scheme, Transportation Claims, Escalation Claims and Equalize Freight Claims.
Various certifications related to Inward Remittances for DGFT (SEIS, MEIS, etc.)