We have manufacturing of Pharma Machinery having branch within state.
As per GST Transitional Provisional Stock lying at the appointment of GST should not beyond one year from the appointment of GST Act.
In this regard, we have returned goods from our customer and same has been showing in form V register and lying as finished goods since last two years.
Can we transfer the same to our other branch on payment of excise duty and treated as input for that branch but this is not sale transaction.
Pharmaceutical Machinery Company Can Transfer Unsold Stock as Input by Paying Excise Duty Before June 30, 2017 A company manufacturing pharmaceutical machinery with a branch within the same state inquired about transferring unsold stock, returned by a customer and recorded in their register for over two years, to another branch. The company sought clarification on whether this transfer could be done by paying excise duty and treating it as input, despite not being a sale transaction. Respondents confirmed that the transfer was possible, with one advising completion by June 30, 2017, to avoid incurring GST or IGST. (AI Summary)
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