Hello,
Can anyone explain about the valuation of stock as per sec 145A of IT Act 1961 under GST regime? Does Sale and purchase value in P&L a/c to include GST liability and ITC respectively?
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Section 145a of income tax act 1961 under gst regime.
Replies (4)
"Explain about the valuation of stock as per sec 145A of IT Act 1961 under GST regime?"
The valuation of inventory shall be made at lower of actual cost or net realisable value inclusive of any taxes paid/payable which includes GST.
"Does Sale and purchase value in P&L a/c to include GST liability and ITC respectively? "
Yes.
Thanks for the reply.
My Pleasure ...
Accounting standard doesn't recommend Inclusive method.
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