My client has been has stock of around 3.2 cr showing in balance sheet due to sale without tax invoice and purchase with tax invoice but in reality there is no stock.. how can we clear such stock???
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Quick Summary
A client is facing an issue with £3.2 crore of 'fake stock' appearing on their balance sheet. This stock is a result of sales without tax invoices and purchases with tax invoices, despite no actual inventory existing. The suggested solutions involve either paying the applicable GST on this stock or making a formal declaration. It's recommended to issue B2C invoices and discharge the GST liability, then upload the updated balance sheet.