One vendor send paper, ink and chemical for job work (printing) . Total quantity send to job worker say 120 kg but during the process there is a loss of 5 kg.
Query
1) whether ITC on goods supplied to job worker is available or will be restricted to quantity rec'd from job worker.
2) ITC of job work ?
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Input tax credit on material send for job work
Replies (2)
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ITC can be claimed only for 115 kg (120-5). ITC will not be claimed on the goods lost. This article is quite helpful for understanding ITC in detail https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/ I hope your query is resolved now.
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