Closing stock value nil in gst act
This query is : Resolved
Kollipara Sundaraiah
(Querist)
29 November 2020
A gst registered composite scheme dealer purchases and sales transaction details mentioned below in 19-20.
Opening stock value rs:10 lacs
Purchases value in the year 19-20 Rs:15 lacs
Sales value in the year 19-20 Rs:28 lacs
Closing Stock value rs:nil
Gross profit Rs:3 lacs
Question:
Dealer closing stock value maintained nil in trade and purchases value small amount any problems future in gst act.
Opening stock value rs:10 lacs
Purchases value in the year 19-20 Rs:15 lacs
Sales value in the year 19-20 Rs:28 lacs
Closing Stock value rs:nil
Gross profit Rs:3 lacs
Question:
Dealer closing stock value maintained nil in trade and purchases value small amount any problems future in gst act.
CA R SEETHARAMAN
(Expert)
29 November 2020
No problem you can show nil stock with the above details.
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