Term Lost sales under GST

What is Lost sales under GST

The details about Lost sales under GST are explained here. 

Lost sales

Lost sales are those selling opportunities that you have lost because an item was out of stock or because you do not carry a particular brand or line of merchandise or any other reason that caused you to lose the opportunity to sell.

GST: Record of lost or stolen goods, free samples and gifts to be maintained

Every registered person, other than a person paying tax under section 10 of the Central Goods And Service Tax Act, 2017, shall maintain the accounts of stock in respect of goods received and supplied by him, and such accounts shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the balance of stock including raw materials, finished goods, scrap and wastage thereof.

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