Stock In Trade Valuation for ITR with GST or Without GST
This query is : Resolved
20 November 2019
Sir,
I have faced one issue, we valued Cost at Lower Price including GST and reported the same in BS for AY19-20
But it was informed that the Valuation reported should be excluding GST.
Please inform what is correct? whether to include GST with COST or not?
Awaiting reply,
Thanks in Advance
Tribhuvan
I have faced one issue, we valued Cost at Lower Price including GST and reported the same in BS for AY19-20
But it was informed that the Valuation reported should be excluding GST.
Please inform what is correct? whether to include GST with COST or not?
Awaiting reply,
Thanks in Advance
Tribhuvan
20 November 2019
According to accounting standard all the duties and taxes for which credit will be taken to be excluded in the value of stock . similarly all the freight inward and packing charges incurred in the purchase of material to be added to the stock. As GST is eligible for credit as material is procured for furtherance of business , the GST amount to be excluded in the valuation of stock.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
