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Self use stock in GST
how to use self used stock in accounts as per GST should it be treated as sales if yes than how should be GST input taken or should stock be transfer in sales than what should be shown in P&L
Replies (5)
If you have used stock for personal it should be written as drawings. And if you have taken input you should reverse it.
No my question is example I am engaged in computer service related business and i sell printer ink to in this case i am using the ink which is purchased by me and it is an expenses in which i can take input.
You mean you are using ink which is used for giving printing services right?? Then you can take ITC on ink purchased.
Ok how to treat in books as my stock is going decrease should directly transfer the item in expense or generate sale bill.
As per my knowledge you should club the ink in the expenses and ITC is you should keep in current assets as you are going to claim against output liability.
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