Icds
This query is : Resolved
17 April 2019
As per ICDS - Cost of Inventories shall include all purchase costs, service costs, conversion costs and all other costs which is incurred to bring the inventories to their present location and condition.
Purchase cost shall include purchase price inclusive of duties and taxes, freight inwards and other expenses directly related to purchase. Trade discounts, rebates, etc. will not be included.
So the Duties and taxes to be included in inventory as per ICDS.
So if I am having raw material in stock say of Rs.100 and GST charged on it is of Rs.18.
What will be the valuation? Is it 100 or 118?
Purchase cost shall include purchase price inclusive of duties and taxes, freight inwards and other expenses directly related to purchase. Trade discounts, rebates, etc. will not be included.
So the Duties and taxes to be included in inventory as per ICDS.
So if I am having raw material in stock say of Rs.100 and GST charged on it is of Rs.18.
What will be the valuation? Is it 100 or 118?
17 April 2019
It's 100 only as ITC will be claimed on GST.
18 April 2019
Computation also 100 as ITC is claimed on GST. Computation and book value can't differ.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Dep. as per companies act
- Minimum tax payable to file Updated return
- TDS on purchase of under construction property from a reseller
- Tax rate change regarding
- CHECK RELATED
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
