CA Lalit Patidar (Tax Manager at SRSC (Chartered Accountants)) (58 Points)
19 May 2018Hello,
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?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193978 Points)
Replied 19 May 2018
"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.
CA Lalit Patidar
(Tax Manager at SRSC (Chartered Accountants))
(58 Points)
Replied 20 May 2018
Thanks for the reply.
Anmol Davesar
(Chartered Accountant)
(818 Points)
Replied 11 September 2018
Accounting standard doesn't recommend Inclusive method.
CAclubindia
