Impact on closing stock
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2017
Hi. I am a distributor engaged in distribution of Foods. Can someone please help me with the calculation of impact on closing stock lying with me.
The landed price of the goods from the company is Rs 100. My margin on the product is 5%. The Vat for this product was 12% and the GST rate is 18%. I do not have an excise invoice with me and the goods under discussion are subject to 6% excise duty in the current regime.
Thanks in advance.
The landed price of the goods from the company is Rs 100. My margin on the product is 5%. The Vat for this product was 12% and the GST rate is 18%. I do not have an excise invoice with me and the goods under discussion are subject to 6% excise duty in the current regime.
Thanks in advance.
CA R SEETHARAMAN
(Expert)
13 June 2017
If you have VAT invoice you can claim 12% VAT input credit and 40% excise credit on stock held.
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