Itc disallowed due to branch transfer and inter state sale
This query is : Resolved
MANAN VORA
(Querist)
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.
Rupesh Jain
(Expert)
07 June 2014
no tax are not consider as cost of stock pls see AS-2 .
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