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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Relief u/s Section 89
- Rent lease agreement
- Tax liability on income of freelancer
- Taxation on LTCG for property sold after 24JUL2024
- Merchant Export Accounting
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- REGARDING SECTION 44AE
- Sales return eway bill
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
