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DEAD STOCK
MY GST CERTIFICATE HAS BEEN CANCELLED IN FY 19-20. BUT MY STOCK TILL NOW IN BOOKS OF ACCOUNT. BUT ALL STOCK IS DEAD STOCK . HOW TO HANDLE DEAD STOCK IN ACCOUNT BOOKS FY 2020-21. PLS CLARIFY
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Since your GST registration is cancelled, you do not need to file further GST returns or perform ITC reversals. For accounting purposes, perform a physical verification and, if the items are unsaleable, write them off by debiting a loss account and crediting your inventory account. Ensure you maintain detailed documentation of this write-off to justify the reduction in your assets.
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