GST Registered Firm is going in for Closure. No Sales are being made since 15th March. Stock held by firm is being cleared by selling it in Lots. Will the firm Pay GST on this clearance of Stock held by Firm If Yes Will, The Firm raise invoice for such stock clearance sale in the same manner as Invoices were raised for Normal Sales If stock clearance Invoice is raised, will it be shown in GSTR-1 and Tax payable paid in GSTR-3B of the month in which such stock clearance sale was made.
Please provide guidance. If possible, inform Section to Refer. Thanks in Advance
23 March 2022
If stock clearance is being done for consideration then treat as normal supply and generate invoice and file returns. If clerance of stock is being done without consideration (disposal) then ITC needs to be reversed
CAclubindia
