How our inventory shall be valued when tranfered to GST, What input rebate shall be allowed. Our puchase invoice details item rate plus VAT?
4 Replies
Tarun Modi
(Chartered Accountant)
(36 Points)
Replied 10 May 2017
Hello Rajeev,
The valuation methodology does not change under GST era. You can set off CGST/SGST/IGST paid on your purchase towards your output CGST/SGST/IGST liability.
Rajeev Kumar Gupta
(accountant)
(54 Points)
Replied 13 May 2017
Mr Tarun Modi,
Thanks for your reply, but my query was, how our inventories as on 30-6-2017 shall be valued and what input rebate will be allowed on that inventory?
Tarun Modi
(Chartered Accountant)
(36 Points)
Replied 13 May 2017
Hello Rajeev,
The input which you will claim on your last return i.e. the return as of 30.06.2017, that input will be available under GST for set off.
The valuation of inventory will remain same.
Rajeev Kumar Gupta
(accountant)
(54 Points)
Replied 13 May 2017
Dear Mr Modi,
Thanks again, Will there be any other input rebate to set off excise & other taxes paid on inventory?
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