Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

Dear Expert How to cancel GST registration after migration from VAT, as his turnover is below 20 lakhs

Dear Expert

Please Give Me Advise of GST on E-Commerce and what is percentage of Rate and which form filed for return
what procedure for TCS and TDS on E -Commerce


Regards

Dilip

Dear Sir ,
I make some expenses like 1. toll tax of truck, 2 staff salary 3. esic expenses 4. bank charges 5. petrol diesel . 6 truck spares for repair , 7. machenic charge like denter painter of trucks.

kindly tell me how maintain above expense in GST purpose as non gst , exempt gst . zero rate . nil rate , or other as you seem

thanks in advance

one of my client has filled his income tax return with nil tax payable/refundable. however after he receiving intimation u/s 143(1) he checked his form 26as and found that some deductor has deducted his tds which is clearly reflected in his form 26as. as he has taken corresponding income of related tds, hence he decide to file rectification u/s 154 because time for filing revised return has been elapsed. he claimed tds amount in the column "taxpayer is correcting tax credit mismatch data only" but after 2 month, he received rectification order u/s 154 in which his claim for tds credit has been totally denied and processed the return as same as original...now how he get his tds amount which is totally refundable????
here one thing is notable that he has salary income, which he clearly shown in his original return but tds is deducted by another deductor i.e. other than his employer however his income from salary is same in both form 26as as well as in his original income tax return..has this make any difference to get tds credit??

Can a private limited company having paid up share capital is required to prepare Cash Flow Statement.

Respected Sir / Madam,

I live in Faridabad, Haryana and I am working for a Canadian company as an Supply Chain consultant, I have
consulting contract with the Canadian company in INR, this company pays me fixed monthly fees
in INR, my total annual package is INR 15,00,000/-, I give services to clients of the Canadian
company located in all over India as well as abroad, type of services are ?Business support/Supply Chain
services?, I have following questions in regard to new GST regime:-

1. Since threshold limit has been increased up to 20Lakh, do i need to pay GST @
18% because my annual package is INR 15,00,000/-?

2. IS GST applicable on expenses incurred on behalf of the company like travel, hotel,
courier etc., I raise separate reimbursement invoice for actual amount spent on behalf of the
company attaching all the related bills and receipts, they transfer reimbursement amount in
separate reimbursement bank account in INR?

Please help by giving answers on the above doubts.

Best Regards,
Ashish Arora

What are specific disclosures that are required as per clause 13(f) of the revised Tax audit report. Is there any specimen report ?

Dear Sir,

We have made Tax invoice by giving below details :-

1) Item (GST Rate is 18%)
- Add : Freight
- Add : Packing Charges
- Add : TCS @1%
- Total Value included above Expenses & TCS
- Add : GST 18% on above all
- Grand Total

Is the above calculation is correct?

Please guide me.

Regards,

Rakesh Sharma