Inventory having excess

[Asked by 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.

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.