Input Tax Credit
MBN (CA Job) (71 Points)
16 May 2017
if Goods are received in lots & there are loss in transit for which payment is made in full can ITC be claimed for full quantity.
4 Replies
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 16 May 2017
No, ITC will not be claimed for full quantity but for only those inputs which you receive
moha.p
(Manager(excise))
(60 Points)
Replied 17 May 2017
some percentage of loss in transit is allowed ITC
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 17 May 2017
Natural and expected losses like evaporation or glass breakages etc are example to avail full credit.
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