Gst department search conducted some stock variation found compared in accounting books.
question:
dealer stock variation amount tax and penalty applicable in gst act.
2.stock variation amount accounting entry passed procedure in books.
Menu
Stock variation tax and penalty applicable
Replies (4)
Quick Summary
Both answers will depend on the reason for stock variations
There are many options
stock difference may be due to unrecorded purchase or due to dummy sales or unrecorded sales return.
the accounting entry and consequent tax effect would depend upon the facts of the case
stock difference may be due to unrecorded purchase or due to dummy sales or unrecorded sales return.
the accounting entry and consequent tax effect would depend upon the facts of the case
Yes Tax, Interest & penalty can be imposed if proceedings u/s 74 is initiated.
If proof , that stock variations is just due some procedural lapse in book keeping , means , any entries of inward or outward supply was not recorded without intention to evade tax , then penalty is not imposed.
Generally, department invokes the Section 74 which attracts penalty also.
If proof , that stock variations is just due some procedural lapse in book keeping , means , any entries of inward or outward supply was not recorded without intention to evade tax , then penalty is not imposed.
Generally, department invokes the Section 74 which attracts penalty also.
Department can invoke tax in other cases
Recent Topics :
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
Related Topics :
CAclubindia
