Expired Stock
This query is : Resolved
ABHISHEK TRIPATHI
(Querist)
07 April 2018
How to deal with expired stock?
What will be tax liability?
Guest
Guest
(Expert)
07 April 2018
Written off in the books of accounts and allowed as deduction in income tax. In GST, their credit is not available.
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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