Usually, stock transfers are the movement of goods to another unit or branch. These are done without any consideration. But the complexity arises in determining the value on which tax needs to be discharged. Under Central excise, the excise duty is to be paid on 100 % + 10 % of the cost of manufacture of goods and under VAT, stock transfers are exempted from levy.
In GST, the transaction value is broadly considered as the value on which GST is levied. In the case of stock transfers, transaction value cannot be applied since transfers are done without consideration. The complexity will still remain under GST era. The tax will likely be valued on par with goods of like kind and quality, or similar methodology of considering the cost of production plus profit.
Steps for Stock transfer
- Click On Multi-Location -> Stock Transfer -> Add
- The document number is automatic system generated the unique number
- Select the date
- Select the From Location from where you are going to transfer
- Select the To location at which you are going to receive
- Add Products
- Click on Save
How to View Stock Transfer
- Click On Multi-Location -> Stock Transfer -> View
- Click on View option to check the details or for the print option
- Click on Delete button if you want to delete
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