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.
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