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Self use product which i am dealing
I am dealing in an product and also utilize it for self shop and as an expense i cant claim ITC so how should i treat in my books of account and GST as i am dealing in papers and same paper i am using in printing the invoice which remains as a stock but its used for shop purpose how to treat inventory in GST(Tally Entry)
Replies (4)
Quick Summary
No need to reverse the ITC in this case as it's used in business expenses it's not personal use.
Yes... I agreed to Mr Pankaj Rawat's view...
@ Mr. Hitesh Rawal.,
You can account the papers under expense as "Printing and Stationary" through Stock Journal with journal entry.
@ Mr. Hitesh Rawal.,
You can account the papers under expense as "Printing and Stationary" through Stock Journal with journal entry.
Ok it should be treated as sales or what as in this shop expenses will be debit entry wo what should be the credit entry sales or any others.
It's not sales... It's expense as Your consume...
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