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Expiry goods

Rupesh Thote (97 Points)

14 October 2021

In medical farm has purchase expiry and sales expiry so how to show them in books... ?????

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prasad Nilugal ( GST Practitioner & Accounts ) (14181 Points)
Replied 15 October 2021

Is it medicine ?.

Rupesh Thote (97 Points)
Replied 15 October 2021

Yes it is medicine

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prasad Nilugal ( GST Practitioner & Accounts ) (14181 Points)
Replied 15 October 2021

Refer circular No 72 /46 / 2018 -GST Dated 26-10-2018 on CBIC web site .

Circular certifying in respect of Time expired drugs or medicine .

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Rupesh Thote (97 Points)
Replied 15 October 2021

Sir whether expiry purchase return consider as purchase return or direct income and sales expiry return consider as direct expense or sales return in books..????

prasad Nilugal ( GST Practitioner & Accounts ) (14181 Points)
Replied 15 October 2021

If you are regular tax payer , As per the above circular 2 Methods have been given
1 ) Issue of fresh Invoice of expired medicine .or
2) Credit Note will be issued by the Supplier , accordingly you have show entries in books of accounts .
please refer Circular in detail .