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Vluation of closing stock

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(Querist)
06 December 2012 pls tell me is closing stock is compose of all tax elements ?. means stock is inclusive of taxes ( vat ) or exclusive of tax?
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Hari Beldona

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Hari Beldona (Expert)
06 December 2012 Closing stock is to be valued at cost or realizable value which ever is lower.
Stock means inclusive of taxes
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jitesh

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jitesh (Querist)
07 December 2012 thank you sir but if iam a registered dealer take the input of taxes now also it is inclusive of taxes?
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Hari Beldona

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Hari Beldona (Expert)
07 December 2012 What is cost incurred is to be taken into account.

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