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<h1>Closing stock classification must be reported tax-rate-wise in Form Stock-1, irrespective of purchase source, with WIP allocation.</h1> Registered dealers must report tax-rate-wise closing stock as on 31 March in Form Stock-1, classifying goods under the VAT tax-rate categories irrespective of purchase source, with exempt items shown accordingly. For manufacturers, work-in-progress is to be allocated to raw material or finished goods based on its proximity to those stages. Only physical stock held on 31 March is to be included; stock-in-transit and consignment stock should be shown separately.