in case of pvt. co. , can we self invoice for material used for self consumption instead of reversing itc?
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Quick Summary
This discussion explores whether a private company can issue a self-invoice for materials used for internal consumption, instead of reversing Input Tax Credit (ITC). While direct self-invoicing for this purpose is generally not permitted, alternatives like preparing a stock journal or using internal documentation are suggested to manage the process without impacting GST liability. The consensus leans towards avoiding self-invoicing to prevent potential issues.
You can issue any internal document which doesn't impact your books and gst liability. Better to use stock journals rather than self invoice to avoid issues.