ITC Implications
Manthan Hindocha (Article Assistant) (26 Points)
14 October 2018
what are the ITC implications of GST in case of goods stolen? how can it be adjusted in returns?
6 Replies
Vinod Babu
(24196 Points)
Replied 14 October 2018
According to credit provisions in the GST Act, input tax credit shall not be allowed for goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples. Accordingly, input tax credit is required to be reversed in 3B.
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 14 October 2018
As per Section 17(5) , the ITC has to be reverse in case of Goods stolen
So reverse the ITC attributed to stolen goods & show it in 3b Under table 4 (reversal of ITC)
So reverse the ITC attributed to stolen goods & show it in 3b Under table 4 (reversal of ITC)
Mangale Sachin
(Accounts Head)
(22 Points)
Replied 15 October 2018
previous year few debtors not recovered so debtors amount write off in current year so what prosses?
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