In India GST has been rolled-out from 1-July-2017.
In GST regime, stock transfer process (for project stock also) requires invoice.
Scenario (Non-valuated project stock):
For network assigned PO,consumption entry is posted when GR is posted. So, full quantity is shown as consumed in system.
In actual scenario even though consumption is posted in system not all the stock is actually consumed. When required stock is physically transferred to another project.
STO prior to GST:
Prior to GST project to project stock transfer for non-valuated project stock was done by passing the FI entry. In this entry the project from which the stock was transferred was given a credit effect and the receiving project was given a debit effect.
In GST regime, stock transfer process (Non-valuated project stock scenario) requires invoice. FI JV entry for project stock transfer cannot be done.
Post GST what should be the process followed for stock transfer for non-valuated project stock.
Request for Inputs from the community.
Thanks and Regards