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
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.
CAclubindia
