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+--- Thread: Closing stock Commercial Importer (/thread-closing-stock-commercial-importer)
Closing stock Commercial Importer - Information Consultant - 09-07-2011
company A import goods in june 2010 at the rate of 17 % sales tax and 2 % value addition tax and sold it to registerd supplier in july 2011 when the sales tax rate is 16 % .
As per my understanding Commercial importer atleast charge 13.33 % profit to maintain out put tax equal to the input tax .To maintain ssame relationship of out put and input under the current scenerio of 16 % Commercial importer charges profit more then 13.33 % . Pls share ur views what would be the correct computaion .
Taxable value Rs 100
Sales tax 17
Value addition 2
Total value of closing stock 119.
- lahore766 - 09-16-2011
As per my understanding, the Sales Tax and Value Addition paid at import stage, these both 2 amounts would go the input ledger. Closing Stock would remain the same (i.e. cost + CD paid), I think, closing stock is Value of Stock withoug S.T or V.A. **** donot forget to inform me if I am wrong ** lahore766 at gmail dot com
- Information Consultant - 09-16-2011
thanks