A registered dealer gold jewellery business dealer closed stock year ending March every year stock value market rate show in it returns.if gst department scrutiny of gst returns after closing stock value average rate calculation.
dealer stock value average -stock value market rate calculation difference value suppression sales turnover treatment in gst act
question:
dealer difference turnover tax pay compulsory
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Year ending closed stock rate average or market eate
Replies (1)
As per accounting standard, Value of closing stocks should lower of cost (on FIFO basis) or market value.
With the difference in closing stock value only gross profit will change, while the value of sells or purchase will remain same.
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