opening stock

06 August 2017

client has june stock without any taxes but sold. with gst...then where is to show opening stock. and whether opening stock is liable to RCM

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6 Replies

sunil kumar sharma (jr accountant) (708 Points)
Replied 06 August 2017

yes if taxable in gst regime

CA Prashant Chougule (65 Points)
Replied 06 August 2017

for june purchases also Liable gst?

sunil kumar sharma (jr accountant) (708 Points)
Replied 06 August 2017

if you will sale in july month then gst liable
if taxable in gst regime

CA Prashant Chougule (65 Points)
Replied 06 August 2017

yes output gst agreed.. but RCM not aplicable to june purchases right?

Asif Ansari (Tax Consultant) (159 Points)
Replied 06 August 2017

if june stock payment was also done till 30th june then rcm isn't applicable

CA Prashant Chougule (65 Points)
Replied 06 August 2017

thanku

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