can you please confirm whether the ITC on goods destroyed in fire is required to be reversed or not?
if insurance co does not allow the vat credit on goods destroyed then also the same is required to be reversed under vat law?
3 Replies
Jatin
(Accountant)
(3479 Points)
Replied 21 June 2018
You need to reverse proportionate ITC on value of goods destroyed .
jalpa dodecha
(4 Points)
Replied 21 June 2018
is there any case laws in favour of assesse
as the insurance company does not pay and on the other side ITC is also required to be reversed
as the insurance company does not pay and on the other side ITC is also required to be reversed
Jatin
(Accountant)
(3479 Points)
Replied 21 June 2018
Amount of ITC not include value of goods therefore insurance company not accept claim.
As per GST rules it is mandatory to reverse ITC on value of destroyed goods
As per GST rules it is mandatory to reverse ITC on value of destroyed goods
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