A gst registered regular scheme dealer stock values mentioned as on 29.02.2020
1. stock value as per accounting books. Rs.10,00,000/-
2. stock value as per calculated physical Rs.14,00,000/-
my doubt:
excess of stock value gst tax and penalty applicable or no.
Menu
Excess stock for gst tax paid
Replies (14)
The question is not required...
The stock will be sale and pay Tax as per Your calculations of taxes... No more problems about that.
The stock will be sale and pay Tax as per Your calculations of taxes... No more problems about that.
There should be reconciliation on periodic basis .
Difference in stock might be due to :
Unaccounted purchases, purchase returns, sales and sales returns, damages, loss of stock..
Do reconciliation.
No goods should be water born.
Need not pay any tax or penalty on excess stock..
In your case:
Physical count is more than Accounts that means latest purchases/sales returns might not have been accounted.
Difference in stock might be due to :
Unaccounted purchases, purchase returns, sales and sales returns, damages, loss of stock..
Do reconciliation.
No goods should be water born.
Need not pay any tax or penalty on excess stock..
In your case:
Physical count is more than Accounts that means latest purchases/sales returns might not have been accounted.
@ Mr kollipara.,
No penalty and No excess Tax liability and any other payments for the stock...
The excess stock may be previous balances and billing which is not taken correctly & some of other ways...
No need to pay tax on stock, penalty and excess Tax...
You can go as per regular sales activities and billings. No more problem that...
No penalty and No excess Tax liability and any other payments for the stock...
The excess stock may be previous balances and billing which is not taken correctly & some of other ways...
No need to pay tax on stock, penalty and excess Tax...
You can go as per regular sales activities and billings. No more problem that...
@ Kollipara Sundaraiah:
You must reconcile the stock as per physical verification and stock as per accounting records.
There should not be any variation.
You must record the reasons in writing for such variation and pass those entries in accounts to reconcile the sane
You must reconcile the stock as per physical verification and stock as per accounting records.
There should not be any variation.
You must record the reasons in writing for such variation and pass those entries in accounts to reconcile the sane
No penalty and No excess Tax liability and any other payments for the stock...
The excess stock may be previous balances and billing which is not taken correctly & some of other ways...
No need to pay tax on stock, penalty and excess Tax...
You can go as per regular sales activities and billings. No more problem that...
The excess stock may be previous balances and billing which is not taken correctly & some of other ways...
No need to pay tax on stock, penalty and excess Tax...
You can go as per regular sales activities and billings. No more problem that...
When you go for physical verification, you start with counting the quantity.
Whether the count under both the records same??
But there shouldn't not be any difference unless accounts are not updated
Whether the count under both the records same??
But there shouldn't not be any difference unless accounts are not updated
@ Kollipara Sundaraiah.,
Don't worry that...
No penalty and Excess Tax liability...
If You are billing that then It's outward suply and tax payable as per supply...
You will keep documents and check out previous details. If Your all inwards and outwards are correct then no more problem...
Don't worry that...
No penalty and Excess Tax liability...
If You are billing that then It's outward suply and tax payable as per supply...
You will keep documents and check out previous details. If Your all inwards and outwards are correct then no more problem...
@ Kollipara Sundaraiah,
Can you give reasons for such excess value??
Is the quantity matching??
Can you give reasons for such excess value??
Is the quantity matching??
Very well & very good...
Drop a reconciliation for such excess, as to why there is difference
@ Mr Kollipara Sundaraiah.,
Are You doing manufacturing or trading...?
Are You doing manufacturing or trading...?
Trading person
Well...
If trading business then without Your/staffs knowledge can't increase Stock...
So, better to check out with invoices of Inwards and outwards. You can trace out the stock details...
If trading business then without Your/staffs knowledge can't increase Stock...
So, better to check out with invoices of Inwards and outwards. You can trace out the stock details...
excess stock is not treated as supply and there is no levy of GST
You have to reconcile physical stock and accounting stock and discrepancies should be adjusted in accounts
and no treatment in GST
Recent Threads
- Excess Payment on RCM
- AOC4 auto population of previous year data
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
Related Threads
CAclubindia
