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Vluation of closing stock

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jitesh (Querist)
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06 December 2012 pls tell me is closing stock is compose of all tax elements ?. means stock is inclusive of taxes ( vat ) or exclusive of tax?

Hari Beldona

Hari Beldona (Expert)
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06 December 2012 Closing stock is to be valued at cost or realizable value which ever is lower.
Stock means inclusive of taxes

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jitesh (Querist)
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07 December 2012 thank you sir but if iam a registered dealer take the input of taxes now also it is inclusive of taxes?

Hari Beldona

Hari Beldona (Expert)
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07 December 2012 What is cost incurred is to be taken into account.

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