we are dealing in printing ink which has fixed shelf life. So my query is what should be done to gst taxes if that stock got expired and that is sold for very low value even below mrp or at scrap value. what should be rate of tax to be levied on sale bill of scrap. and whether gst to be reversed.
e.g purchase ink 10000/-
gst 18% 1800/-
sale scrao 2000/-
gst rate 18% 360/-
so what should be done to the balance tax 2000-360=1660
If you sale goods at low value then tax is leviable on such value only....
If such goods get expired & not sale by you then you have to reverse the ITC on it......
CAclubindia
