Service tax on raw materials
This query is : Resolved
10 March 2008
Raw Materials are purchased by a company. The goods are transported through Goods Transportation Agency. The company pays service tax at an abated rate on behalf of the goods transport agency and no credit for service tax paid has been taken by the company.Can this service tax amount be added towards the cost of inventory in the books. If it can be done how will be treatment at the end of the year when closing stocks are physically verified and valued, as per AS-2
10 March 2008
If this is done as a practice the ST can be built into the cost, subject to the cost or market value whichever is lower principle.
10 March 2008
IT CAN BE ADDED TO COST AS PER AS-2
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
