Gst treatment on goods lost and insurance claim
This query is : Resolved
09 September 2018
Dear Experts
Iam working in an FMCG Company, recently due to floods in kerala our sock in our branch office cochin has been destroyed and they are not usable and we are claiming the insurance on the destroyed goods, i want to know the procedure under gst to be follwed for reversal of input tax credit or what are the implications of gst in these situations, kindly guide me.
Thanks in advance
Regards
A V Santosh kumar
Iam working in an FMCG Company, recently due to floods in kerala our sock in our branch office cochin has been destroyed and they are not usable and we are claiming the insurance on the destroyed goods, i want to know the procedure under gst to be follwed for reversal of input tax credit or what are the implications of gst in these situations, kindly guide me.
Thanks in advance
Regards
A V Santosh kumar
Rajesh Kumar
(Expert)
09 September 2018
ITC shall be reversed. No other implication in GST.
Insurance claimed amount should include the GST paid on such goods.
Insurance claimed amount should include the GST paid on such goods.
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