dear experts.
I have imported some goods at RS.100 and paid IGST RS.18.
afterward I come to know that supplier had cheated me by sending lower quality goods.
now I can't able to sale this goods @ the required price that's why I sold it @ 50 + GST RS.9.
now my stock is zero.
can I take the ITC of balance RS.9 against other sales.
plz reply
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gst itc in case of sale at loss
Replies (6)
Yes. There is no need to have one to one corelation between purchase and sale. Under GST, there is no restriction in selling the goods at loss/less than the purchase price (under Karnataka VAT law, credit was restricted to the extent of output tax value)
You can use the balance credit for other taxable supplies.
thanks for reply.
one person told me that u have to pay GST even if u lost/theft goods means u cannot avail balance credit in case of sale at loss.
one person told me that u have to pay GST even if u lost/theft goods means u cannot avail balance credit in case of sale at loss.
In your case goods are not lost, goods are sold at loss. Therefore, no restriction.
in case the goods are lost then no credit can be claimed, because you cannot use such goods for making taxable supply.
Agree, we can sell in loss.But in GST, As per which section the ITC restricted to the extent of OPT?
Hi
Can i know which provision of the Karnataka VAT Act restricts credit to the extent of output tax value
Thanks
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