Winding up of a firm but have stock in hand
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 March 2010
Dear Sir,
plz tel me that one of my clients had their shop in Ghaziabad under Ghaziabad sale tax authority. but now due to some unnecessery circumstances we want to shut down the firm as we didnt make any invoice since 18.02.08 and dindt purcahse anything after Sept - 07. During 2007-08 sale tax was applicable in UP from 1.04.07 to 31.12.07 and from 01.01.08 to 31.03.08 Vat is applicable so according to rule we made prepare two Profit & loss Accounts for the afforsaid period.
we have Stock in hand for Rs 329000 in the closing books of 31.03.08. Now i wana know that what would happen with that stock?.
Its possible to show that stock in Damage or is tax would applicable in it?
We surrender the TIN number and ivoice books aleady. If tax is applicable on that stcok so what kind of tax it would be? Sale tax 8% or vat 4%)
plz help me ..........
thanks
plz tel me that one of my clients had their shop in Ghaziabad under Ghaziabad sale tax authority. but now due to some unnecessery circumstances we want to shut down the firm as we didnt make any invoice since 18.02.08 and dindt purcahse anything after Sept - 07. During 2007-08 sale tax was applicable in UP from 1.04.07 to 31.12.07 and from 01.01.08 to 31.03.08 Vat is applicable so according to rule we made prepare two Profit & loss Accounts for the afforsaid period.
we have Stock in hand for Rs 329000 in the closing books of 31.03.08. Now i wana know that what would happen with that stock?.
Its possible to show that stock in Damage or is tax would applicable in it?
We surrender the TIN number and ivoice books aleady. If tax is applicable on that stcok so what kind of tax it would be? Sale tax 8% or vat 4%)
plz help me ..........
thanks
CA. O.P. Agarwalla
(Expert)
17 April 2010
Input Tax credit on unsold stock is to be reversed.
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