Closing Stock111

A Closing Stock in Real Estate is purchased for 2 cr now 3 years happened the site has not started due to dispute of partner ....Can we take debit note or issue credit note ...And the payment is not done to Creditors...Stock includes Steel and Cement???

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Quick Summary
Real estate closing stock (steel, cement) held for 3 years due to dispute raises issues on credit/debit notes and unpaid creditors. GST aspects include reversing ITC after 180 days, treating returns as supply via invoice, and settling dues through netting off.

  • Check ITC Reversal: Ensure you have reversed the old ITC + Interest for the 180-day non-payment rule.

  • Return Goods: Issue a Tax Invoice to the supplier (Treat as a sale).

  • Settle Accounts: Net off the amount payable against the new invoice amount.

Thanks for sharing this post about Closing Stock in real estate. I found the details about the 3-year delay and partner dispute very interesting. It's helpful to see how this affects accounting with steel and cement inventory.  https://sora2aivideo.io

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