Naman Vaish (Management Trainee) (52 Points)
05 July 2017What will be the treatment for consumption of goods/services by the business itself for the own entity welfare? For example, X is a retailer of tubelight and the owner requires some tubelights for it's office. Now how will the invoice be made in such case and is ITC available for that or not, if yes, then how?
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 05 July 2017
PASS A ENTRY FROM STOCK TO CONSUMED GOODS
Naman Vaish
(Management Trainee)
(52 Points)
Replied 05 July 2017
| Originally posted by : Mukesh Kumar | ||
 |
PASS A ENTRY FROM STOCK TO CONSUMED GOODS |  |
will i get the itc for that?
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 06 July 2017
YES BUT ON PURCHASE NOT ON CONSUMED
Dilip Darji
(10 Points)
Replied 12 July 2017
Self Invoice to be prepared and CGST and SGST to be paid. No ITC because the goods are not being used in the manufacture of other taxable goods.
CAclubindia
