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Expired Stock

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(Querist)
07 April 2018 How to deal with expired stock? What will be tax liability?
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07 April 2018 Written off in the books of accounts and allowed as deduction in income tax. In GST, their credit is not available.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
07 April 2018 Expired stock is loss, so write off loss Reduced from Stock by journal. Whatever ITC is available also to be reversed proportionately.
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