Inventory mostly associated with retail or manufacturing business & industry.
Inventory refers to the goods stocked for future usage. Every retail chain has its own warehouse to stock the merchandise to be used when the existing stock replenishes.
Ending inventory estimation is a difficult task to carry out. Ending inventory is the amount of ending units of inventory at the end of a month or fiscal year.
Carrying cost of Inventory or carry cost is the total cost of managing inventory. It includes tax, opportunity cost, salary, insurance, inventory hold cost etc.
Since its implementation on 1st July, 2017 GST has been always in the news due to its high tax rates & bit complicated tax slabs also Govt faces lots of criticism for it.
Recently RBI forecast GDP growth rate at 7.3% (2017-18), which is lower than last year’s GDP growth rate. To main economic stability and for a higher GDP growth Government decided to revise tax rates.
On 6th October Finance Minister Arun Jaitley announced new tax rates after a long & fruitful discussion with GST council members.
The GST council slashed rates on 27 items and 12 services.
Here are the details of revised tax rates on goods: