Currently, some stock(instant tea 18% in GST Rate) in our firm (Partnership Firm) has expired, which was purchased in January 2024. What entry should be made in the books of account and GST in this case?
If you could help, it would be greatly appreciated
Since the stock is now expired and cannot be sold, it will need to be written off from your inventory.
You need to reverse the GST credit you had claimed on the purchase of the stock, as the goods are no longer usable or saleable.
You should also update your GST returns (GSTR-1, GSTR-3B) for the relevant period by ensuring that the reversal of ITC is included.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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