Eldhose MV (Associate) (63 Points)
06 February 2019Hi All
Our is a trading concern dealing in sale of motor pumps . Few pumps purchaed were destroyed completely without any further use and can be sold as scrap only. In this case are we required to reverse the ITC already awailed on the purchase of these motor pumps?
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 06 February 2019
As per section 17(5) (h) of the CGST act 2017 Goods destroyed , you can not claim ITC and if you availed then reverse the same .
please confirm with others also.
vaibhav
(student)
(253 Points)
Replied 06 February 2019
Ajay Kumar
(44 Points)
Replied 06 February 2019
pritesh
(CA Final student)
(7101 Points)
Replied 07 February 2019
Vinod Babu
(24191 Points)
Replied 07 February 2019
Hemanta Samal
(93 Points)
Replied 07 February 2019
Ankur Mulchandani
(33 Points)
Replied 07 February 2019
Ram Vishwakarma
(Article assistant)
(123 Points)
Replied 17 April 2019
Hey Hello Guys,
One doubt is there, Supose we are dealing in the Networking Product ( Wifi Router ), Now we have purchase some Umbrella, Wrist bands & stress ball and distributing these are free ( as a Promotion / Marketing ).
Do we have to reverse the ITC on these purchase under this cluase
"goods lost stolen destroyed written off or disposed of by way of gift or free samples"
Please guide us with the brief explanations
Becouse in my understanding we only have to reverse the ITC for the Netwotking Product is distributed as a Free / Gift / Stolen / Write off
CAclubindia
