valuation of closing Stock, Income Tax

[sharvan khanna]

As per the IT Act we are adding the excise duty and vat duty paid for bringing the raw-materials within our factory and on the goods manufactured from the Inputs. As such the Clsoing Stock Value goes to include the value of the goods+excise duty+vat/cst.

Then we are showing the balancing figures of CENVAT in our Current Assets sides.

As such, there is the double implication in the Assets side once we adding the C.E. + Vat on the Rawmaterials + Finished Goods and once again the we are showing the balancing figures of the C.E. and Vat under the Current Assets side. So Please suggest what and how we should prepare the Balance Sheet so that there is no double implication of the same.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.