closing stock declaration
JJ Consultants (28 Points)
25 June 2017
is it mandatory to declare closing stock as on 30.6. even if I am not claiming any ITC
2 Replies
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 26 June 2017
not all the closing stock declared as on 30.6.17 ITC is allowed, only on despatch and sale from July
you are allowed to take 60% /or 40% there is provision you can follow the same.
as a business entity you can not show nil closing stock hence please show cl but dont
claim any ITC on supplies from July 17 onwards
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