Friends,
I need guidance on the following problem.
A tanker full of material is being supplied to SEZ (without payment of GST), meets with the accident and in process looses say 10MT from original 16MT material dispatched.
My queries are
1) We will be short supplying the material should we raise credit note to buyer for the lost quantity?
2) What happens to GST on the Lost material. Should one pay GST on lost quantity at the highest sale price or should one reverse the ITC for the lost material (This will be very difficult as to find out what all goes in to manufacturing of that quantity). Is there any formula?
Please gude
CAclubindia
