Gst payment regarding goods lost

08 February 2022

am I liable to pay gst ,if goods destroyed in transit ????

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7 Replies

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 09 February 2022

Not required to pay GST .But if the payment received from customer then you have to pay

prasad Nilugal ( GST Practitioner & Accounts ) (14606 Points)
Replied 09 February 2022

ITC not available to Customer .

CA Altamush Zafar (GST Consultant) (15966 Points)
Replied 09 February 2022

ITC will have to be reversed.

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 09 February 2022

@ Swarnalatha Lenka

Are goods sale or purchase ?

Sold goods lost in transit or bought goods lost in transit ?

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Swarnalata Lenka (10 Points)
Replied 12 February 2022

Sold goods lost in transit

CA Altamush Zafar (GST Consultant) (15966 Points)
Replied 12 February 2022

It will depend as to who owned goods at the time of them being lost.

CA Altamush Zafar (GST Consultant) (15966 Points)
Replied 12 February 2022

That will in turn depend on the agreement between the parties.

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