Effect from September 22 of GST 2.0, Should I take closing stock ?
This query is : Resolved
18 September 2025
GST 2.0 coming in to effect from September 22, Should I take closing stock of pharmaceutical business? If yes, it be reported to GST Portal?
18 September 2025
Reporting Closing Stock under GST 2.0
Pharmaceutical businesses are required to revise MRP and issue updated price lists (Form V/VI) to all dealers, retailers, State Drug Controllers, and relevant government authorities to reflect the updated GST rates and MRPs.
For stocks remaining unsold (i.e., closing stock as of September 21), businesses must update their ERP, inventory management, and invoicing systems to distinguish pre- and post-GST 2.0 inventory, but the law does not mandate direct reporting of closing stock data to the GST Portal at this transition.
The focus of compliance is on ensuring revised MRPs are displayed, informing the trade chain through price lists and advertisements, and keeping both the old and revised MRPs visible. There is no explicit government directive requiring declaration of closing stock (inventory quantity or value) on the GST Portal specifically for GST 2.0 transition for the pharmaceutical sector.
Detailed transition requirements such as updating records, making supplementary price lists available, and ensuring price display are obligatory for regulatory and audit purposes but not as an e-filing mandate on the GST Portal.
Pharmaceutical businesses are required to revise MRP and issue updated price lists (Form V/VI) to all dealers, retailers, State Drug Controllers, and relevant government authorities to reflect the updated GST rates and MRPs.
For stocks remaining unsold (i.e., closing stock as of September 21), businesses must update their ERP, inventory management, and invoicing systems to distinguish pre- and post-GST 2.0 inventory, but the law does not mandate direct reporting of closing stock data to the GST Portal at this transition.
The focus of compliance is on ensuring revised MRPs are displayed, informing the trade chain through price lists and advertisements, and keeping both the old and revised MRPs visible. There is no explicit government directive requiring declaration of closing stock (inventory quantity or value) on the GST Portal specifically for GST 2.0 transition for the pharmaceutical sector.
Detailed transition requirements such as updating records, making supplementary price lists available, and ensuring price display are obligatory for regulatory and audit purposes but not as an e-filing mandate on the GST Portal.
18 September 2025
Key Action Points for Pharmaceutical Businesses
Prepare and reconcile a detailed statement of closing stock as on September 21, 2025, for internal control, financial, and audit compliance.
Issue revised/supplementary MRPs, but do not re-label or recall products already distributed in the market.
Maintain and produce closing stock records in case requested by tax or drug control authorities, but do not file this data on the GST Portal unless notified otherwise.
Make sure to inform supply chain partners and update all price displays as per government guidelines.
Maintain a record of closing stock for your internal records and compliance, but there is no present requirement to upload or report these details to the GST Portal solely due to GST 2.0 implementation.
Prepare and reconcile a detailed statement of closing stock as on September 21, 2025, for internal control, financial, and audit compliance.
Issue revised/supplementary MRPs, but do not re-label or recall products already distributed in the market.
Maintain and produce closing stock records in case requested by tax or drug control authorities, but do not file this data on the GST Portal unless notified otherwise.
Make sure to inform supply chain partners and update all price displays as per government guidelines.
Maintain a record of closing stock for your internal records and compliance, but there is no present requirement to upload or report these details to the GST Portal solely due to GST 2.0 implementation.
18 September 2025
Sir, Thanks for your valuable reply
18 September 2025
You are welcome.
19 September 2025
Good Luck...
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