Inventory having excess

[Guest]

Dear Team,

the above subject mention, now we have taken physical inventory and found excess stock as compare to ER-1.

so that request you to, please guide to me how the adjust excess inventory, any rule for the this transaction

kindly provide at the earliest.

Regards,

Pradip

[Rajagopalan Ranganathan]

Sir,

Please add the excess stock to production during the month in which the excess stock was found.

[Guest]

Sir, thanks for your reply, but hare having excess closing stock in our ER-1 as compare to physical inventory.

just i want to know, how to adjust excess stock of ER-1.

kindly requested, please guide as soon as possible

Regards,

Pardip

[Rajagopalan Ranganathan]

Sir,

If you have excess stock in E.R.1 then you approach your Range Officer to correct the error in E.R. 1. If you can file a revised E.R. 1, either electronically or manually, please do so.

AI Summary

Excess inventory adjustment: add excess to production when physical stock exceeds ER 1; revise ER 1 if records exceed stock. Where physical closing stock exceeds the quantity reported in the ER-1, the excess must be added to production in the month the discrepancy is discovered. Conversely, if the ER-1 shows more closing stock than physical inventory, the taxpayer must approach the Range Officer for correction or file a revised ER-1 (electronically or manually) to amend the return and correct reported balances.