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HOW TO CLAIM ITC REFUND IN A FIRE ACCIDENT

This query is : Resolved 
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(Querist)
13 June 2020 IF TRADING CONCERN (COTTON WASTE TRADING) WAS COMPLETE FIRE DAMAGE NO SALVAGE WHETHER CAN CLAIM ITC REFUND
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 June 2020 No ITC refund can be claimed on stock lost in fire.
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PARAS CHHAJEDpro badge online

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PARAS CHHAJEDpro badge online (Expert)
14 June 2020 I think that even ITC already claimed in respect of goods lost in fire needs to be reversed. I will revert back after verifying the issue.
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PARAS CHHAJEDpro badge online (Expert)
14 June 2020 You will have to reverse the input taken on the goods lost. However you would not be liable to pay GST on Insurance Claim received.

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