Service tax on raw materials
This query is : Resolved
10 March 2008
Raw Materials are purchased by a company. The goods are transported through Goods Transportation Agency. The company pays service tax at an abated rate on behalf of the goods transport agency and no credit for service tax paid has been taken by the company.Can this service tax amount be added towards the cost of inventory in the books. If it can be done how will be treatment at the end of the year when closing stocks are physically verified and valued, as per AS-2
10 March 2008
If this is done as a practice the ST can be built into the cost, subject to the cost or market value whichever is lower principle.
10 March 2008
IT CAN BE ADDED TO COST AS PER AS-2
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