Can we stock transfer finished goods from unit - II to unit -I in other state.
Regards
Vinod
Yes and no gst implications on warehousing in different locations
18 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 26 May 2021
Yes you can transfer stock of finished goods between branches
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 26 May 2021
You can access the section on GST portal
Ranjeet Singh
(190 Points)
Replied 26 May 2021
Thanks for your valuable time and reply
sorry my question for @ yasaswi Gomes ji
sorry my question for @ yasaswi Gomes ji
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 26 May 2021
Tally transfer of goods require quantity, rate and amount :)
https://help.tallysolutions.com/article/Tally.ERP9/Creating_Masters/Inventory_Info/inv_storage_using_godowns.htm
Ranjeet Singh
(190 Points)
Replied 26 May 2021
@ yasaswi ji
which section provide us transfer of goods one unit to other unit without gst in different state facilities
which section provide us transfer of goods one unit to other unit without gst in different state facilities
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 26 May 2021
Tax philosophy states that tax is applicable upon settlement.
Ranjeet Singh
(190 Points)
Replied 26 May 2021
@ yasaswi ji
not Satisfactory but thanks for your time
not Satisfactory but thanks for your time
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 26 May 2021
Sorry Mr. Vinod and Ranjeet, transfer does fall under the ambit of supply and hence taxable:
It is quite common in a business having PAN India transactions to transfer its stock to its other units, depos, warehouses to cater to timely delivery orders from different Geographical Locations. Under Current Tax scenario, inter- state or intra-state stock transfers are subjected to levy of Excise Duty on removal of Goods. The same is not subject to VAT/ CST. Under the model of GST, tax is collected on supply of Goods with or without consideration being paid or agreed to be paid.Under Model GST Law, the term ‘supply’ includes transactions between a principal and an agent. Per clause 3 read with schedule I of GST law, a supply of goods by a taxable person to another taxable person or non-taxable person during furtherance of business without consideration is also included within the ambit of ‘supply’. Further, the subject matter of concern would be the valuation of the stocks being transferred and the availability of Input Tax Credit under the brain wave of CGST, SGST and IGST.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 27 May 2021
I should thank you back for rectifying this
Vinod Kumar Daftari
(Sr. Accounts Officer)
(53 Points)
Replied 27 May 2021
My query was can any manufacturing unit -I tranfer it's Finished Goods in packed form with mrp to another manufacturing unit - II in another state under gst regime.
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