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R.18 Inventories to be maintained U.P. VAT RULES

R.18 Inventories to be maintained-

(1) Every dealer shall maintain inventory of goods held by him-

(a) in opening stock on the date from which dealer is liable for payment of tax under the Act;

(b) in closing stock on the last day of every assessment year;

(d) in closing stock on the date on which period of composition under section 6 terminates; and

(e) in closing stock on the date of discontinuance of business.

(2) Every manufacturer shall also prepare inventory of goods used in semi-finished goods and finished goods held by him in stocks on the dates given in sub-rule (1).

(3) Inventories prepared under sub-rule (1) in respect of goods held by the dealer in the same form and condition in which those were purchased and inventories prepared under sub-rule (2), in respect of goods used or consumed in manufacture or processing of finished goods and semi-finished goods held by him, shall consists of quantity or measure of goods, their purchase value, amount of input tax.

(4) Inventory of goods purchased from within the State and from outside the State shall be prepared separately.

(5) Amount of input tax in respect of goods held by a dealer who is liable for payment of tax from the date of the commencement of the Act shall be computed in accordance with provisions of rule 19.

(6) The Commissioner may prescribe the form in which inventories shall be submitted to assessing authority.

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Who We Are

GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .