Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Icds

paramesh (Article) (92 Points)

11 March 2016

Query!! What is the ICDS for valuation of WIP??? in ICDS valuation of inventories, it's scope tells that WIP valuation is dealt by another ICDS. But I am unable to find, except ICDS for valuation of wip by Contractors, What about wip valuation of other assesses???

Reply
Follow
Share

3 Replies

Kuldipsinh Jadeja (Job) (357 Points)
Replied 12 March 2016

It means that if any wip is dealt with any other icds than it would not be applied but as of now only icds w.r.t. Construction contract deals with wip related to such contract so other than that valuation of wip would be dealt with by icds concerning Valuation of Inventories

Upgrade to CAclubindia Pro. Subscribe Now!

Kuldipsinh Jadeja (Job) (357 Points)
Replied 12 March 2016

paramesh (Article) (92 Points)
Replied 12 March 2016

My concern is the VALUATION OF THE WIP of the assessee who had given a contract to other person to develop building on his plot. The developer will value his WIP as per Construction contract, But how will the Land owner value his wip??