Form stock 1

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 1)WHAT AMOUNT TO BE PUT IN CLOSING STOCK AS ON 31-3-2013 IF WE HAVE NIL CLOSING STOCK IN DELHI PURCHASE.
2) MOSTLY OUR PURCHASE IN DONE THROUGH INTER STATE. SO THAT CLOSING STOCK ALSO SHOULD BE PUT IN IT OR NOT.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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08 August 2013 1. If you have no stock, file closing stock as NIL

2. you have to give the break up of stock as on 31.03.2013, even if you have purchase the goods interstate. (stock statement is for stock as on 31.03.2013 not relevant whether it is inter state purchase or local)

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2013 thanks for a help sir, but I just want to know that if we have 5 lakhs closing stock in interstate purchase as on 31-03-2013,is this we have to shown in form stock 1. if yes then where because we purchase or sale in 2% against cst. but 2% rate is not mentioned in this form. rate mentioned are 0%, 1%, 5%,12.5% & 20% only...

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CA UMESH DULAL

CA UMESH DULAL (Expert)
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14 August 2013 Show at the respective rate that is applicable to state rate.

i.e. suppose you have purchased goods worth 500000 in interstate @ 2% but that are taxable in the state if sold within the state as follow
5%--- 200000
12.50% 200000
0%----- 100000
then you have to show in following manner in stock-1

0% 100000
5% 200000
12.5% 500000