Impact of valuation on GST

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Lakhbir sauja

43 Points Joined May 2019

Auditor of a company wants to reduce valuation of stock because of significant drop in net realisable value [Impact INR 3 cr]. Weather any implications of GST ?

Replies (1)

Suresh Kumar

Account

408 Points Joined July 2022

There is no implication of GST.

Because, Company has already paid GST component of Stock Material to supplier subsequently these supplier filed GSTR 3B. so, suppressing stock value don't effect any GST revenue loss.