Dear Sir,
we are manufacturer of pharma formulation.
we want to destroy finished goods manufactured by us (expired fg)
i have to prepare tax invoice.
kindly advise gst implications. & accounts entry in gst
Menu
DESTRUCTION OF FINISHED GOODS BY MANUFACTURER
Replies (2)
Quick Summary
Give me your number
You have to reverse the gst credit taken by you in respect of raw material used by you to manufacturer the finished goods.
Accounting entry would be.
Loss due to Expired goods account Dr.
To finished goods account
To GST account
The amount would be as follows
For loss due to expiry Account, amount would be cost of manufacturing the goods and Cost of raw materials purchased.
For Gst account, amount would be gst taken on purchase of raw materials and on manufacturing the goods.
Accounting entry would be.
Loss due to Expired goods account Dr.
To finished goods account
To GST account
The amount would be as follows
For loss due to expiry Account, amount would be cost of manufacturing the goods and Cost of raw materials purchased.
For Gst account, amount would be gst taken on purchase of raw materials and on manufacturing the goods.
Recent Topics :
- Export Compliance
- Sale of plots in open land
- Income tax query
- Best CA Inter coaching in laxmi nagar
- HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
- Unregistered Association of Persons (AOP) Agreemen
- Intimation u/s 245 of income tax act
- Ewaybill query
- IDS Refund: GSTR-2B Invoice Not Validated in State
- Self assessment tax paid not reflected in ITR2 fil
Related Topics :
CAclubindia
