ITC Implications

ITC / Input 261 views 6 replies
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Article Assistant
26 Points Joined June 2012
what are the ITC implications of GST in case of goods stolen? how can it be adjusted in returns?
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On 14 October 2018 at 13:11 Report
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68 Points Joined October 2015
Reverse ITC in GSTR 3B
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On 14 October 2018 at 13:21
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54 Points Joined July 2017
adjust in itc others
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On 14 October 2018 at 13:53
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24196 Points Joined May 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.
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On 14 October 2018 at 15:11
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GST Practitioner
55067 Points Joined June 2017
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)
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On 14 October 2018 at 17:59
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Accounts Head
22 Points Joined October 2018

previous year few debtors not recovered so debtors amount write off in current year so what prosses? 

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On 15 October 2018 at 09:42
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24196 Points Joined May 2018
you can write off Bad debts in current year.
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On 15 October 2018 at 09:44


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