Reversal of ITC on Stock Write off
This query is : Resolved
23 April 2022
Dear Sir,
We are dealing in trading of imported Non-coking coal. Due to nature of Item we have difference in physical and actual stock of goods. Now we want to write off differential stock in books.
In non-coking coal GST charge @ 5 % and Compensation cess 400/- per MT.
My query is we need to reverse ITC and Cess in case of normal loss ?
The loss of goods is not in our control.
We are dealing in trading of imported Non-coking coal. Due to nature of Item we have difference in physical and actual stock of goods. Now we want to write off differential stock in books.
In non-coking coal GST charge @ 5 % and Compensation cess 400/- per MT.
My query is we need to reverse ITC and Cess in case of normal loss ?
The loss of goods is not in our control.
23 April 2022
Instead of writing off the difference in accounting records , shortage in quantity, you should value your closing stock on the basis of physical stock and pass stock journal for variation in quantity.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
