ICDS - INVENTORIES
This query is : Resolved
25 September 2019
DEAR EXPERTS
WHETHER CLOSING STOCK OF INVENTORY TO INCLUDE GST PAID AS PER ICDS. INPUT IS ALREADY CLAIMED HOWEVER.
WHETHER CLOSING STOCK OF INVENTORY TO INCLUDE GST PAID AS PER ICDS. INPUT IS ALREADY CLAIMED HOWEVER.
CA R SEETHARAMAN
(Expert)
25 September 2019
Yes include GST paid as per ICDS.
The valuation of purchase and sale of goods or services and of inventory shall be adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods or services to the place of its location and condition as on the date of valuation notwithstanding any right arising as a consequence to such payment of taxes fees or cess as the case may be.
The valuation of purchase and sale of goods or services and of inventory shall be adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods or services to the place of its location and condition as on the date of valuation notwithstanding any right arising as a consequence to such payment of taxes fees or cess as the case may be.
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Guest
Guest
(Expert)
17 October 2019
Dear Shakti,
Despite being so , you can still claim deduction u/s 37(1) for the taxes paid on which you have claimed input credit. So in my opinion, you do not have any effect on taxation due to this.
Despite being so , you can still claim deduction u/s 37(1) for the taxes paid on which you have claimed input credit. So in my opinion, you do not have any effect on taxation due to this.
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