Reversal of GST if Assets destroyed in fire
This query is : Resolved
13 May 2021
Dear Expert,
I had purchased and capitalised a DG Set in Dec-18 and availed GST Credit.
Now that assets is burnt out in fire and completely destroyed therefore I have decapitalised the same and booked WDV value as loss.
My query is how to calculate reversal of GST? Will it be WDV value or something else?
Thanks & Regards,
MK Agarawal
I had purchased and capitalised a DG Set in Dec-18 and availed GST Credit.
Now that assets is burnt out in fire and completely destroyed therefore I have decapitalised the same and booked WDV value as loss.
My query is how to calculate reversal of GST? Will it be WDV value or something else?
Thanks & Regards,
MK Agarawal
14 May 2021
It will be original credit as reduced by 5% for every quarter
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