Reversal of ITC on Stock Write off
This query is : Resolved
23 April 2022
Dear Sir,
We are dealing in trading of imported Non-coking coal. Due to nature of Item we have difference in physical and actual stock of goods. Now we want to write off differential stock in books.
In non-coking coal GST charge @ 5 % and Compensation cess 400/- per MT.
My query is we need to reverse ITC and Cess in case of normal loss ?
The loss of goods is not in our control.
We are dealing in trading of imported Non-coking coal. Due to nature of Item we have difference in physical and actual stock of goods. Now we want to write off differential stock in books.
In non-coking coal GST charge @ 5 % and Compensation cess 400/- per MT.
My query is we need to reverse ITC and Cess in case of normal loss ?
The loss of goods is not in our control.
23 April 2022
Instead of writing off the difference in accounting records , shortage in quantity, you should value your closing stock on the basis of physical stock and pass stock journal for variation in quantity.
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