Home Forum Goods and Services Tax - GST Month 5 2020 2020 (5) This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
GST ON SALES OF UNSALABLE RESDYMADE GARMENTS AND FABRICS - Goods and Services Tax - GSTExtract There was a closing stock of ₹ 20,000.00 of readymade garments taxable@5% and ₹ 100000.00 of fabric as tax free at 30.06.2017 as shown during migration to GST. The dealer received fabrics from factory and converted in readymade garments from job work, hence, no ITC was available during VAT regime. The said stock can be sold st ₹ 5,000.00 only. Now said stock became out of fashion and is not in a condition of sale. The question is what rate of tax to be charged on such sale and how to show difference, between stock value and sale price, in books of accounts.
|