closing stock

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vandana0108

Accountant

57 Points Joined April 2015

other than ITC what impact will be on closing stock. to be more precise will a dealer be able to sell stock older then 12 months. secondly, it is a normal practice to show stock less then actual in books to mainatin profit at lower rate , now will this result in loss to the dealers.is it a correct interpretation that stock which is not uploaded on portal cannot be sold

Replies (1)

Binod Jajodia

8 Points Joined July 2017

we have paid 2% excise duty +2% CST on purchase of bicycle to the manufacturer in inter state.Whether we can claim 2% Excise duty on our closing stock