Under closing stock liabilities f.y.2017-18

This query is : Resolved

SUJIT SASMAL (Querist)
Follow

13 April 2018 Dear Sir,
It is inform to you that please give me solution f.y.2017-18 closing stock GST Liabilities treatment into Balance Sheet.
i.e GST Liabilities on Closing Stock Cost Value. Please.....

With Regards
Santosh Sales Pvt.Ltd.
Sujit Sasmal
(Accountant)

Guest

Guest (Expert)

14 April 2018 Taxable event in GST is supply, unlike production as was present in Excise law. So, no liability is recognised for GST on closing stock, because the supply hasn't been made as on the date of balance sheet.