Itc disallowed due to branch transfer and inter state sale
This query is : Resolved
06 June 2014
Dear All,
We are manufacturing company in Gujarat.We have depots outside Gujarat i.e. in other states.We are transferring stock to depot as Stock Transfer and Depots are selling material onwards.
Now the question is the ITC Disallowed due to Branch Transfer and OGS Sale will be part of Production Cost.
When we will do valuation of Finished goods,whether it will be part of cost or not.
Thnks.
We are manufacturing company in Gujarat.We have depots outside Gujarat i.e. in other states.We are transferring stock to depot as Stock Transfer and Depots are selling material onwards.
Now the question is the ITC Disallowed due to Branch Transfer and OGS Sale will be part of Production Cost.
When we will do valuation of Finished goods,whether it will be part of cost or not.
Thnks.
06 June 2014
u need to follow AS-2 valuation of inventories and only those cost of production which are allowed as per as 2 is to be taken into account for valuing finish goods.
07 June 2014
no tax are not consider as cost of stock pls see AS-2 .
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
- House Property Reporting in ITR
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- TDS Challan Code
- Lease agreement and tax on sale
- SALE BILL AGAINST GOODS RETURN
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Merchant Export Accounting
- Supply through E-commerce Operators
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
