a persons has stock in his books of accounts. A major part of stock has become outdated and useless, so the dealer wants to sale this stock in scrap and book loss on it. what will be the impact in Income Tax and GST? Please guide.🙏
1 Replies
akshay parakh
(Chartered Accountant)
(394 Points)
Replied 28 February 2021
For it purposes simply your net profit will decline under pgbp head furhter in gst you have to pay gst on sale price decided by you.
simple
simple
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