Sir,
it's mandatory to reversal ITC supplier adjust some amount in his books of account FY 2022-23 no show his GSTR1and no info to receiptent due to some Goods damage. So incase receiptent needs ITC reversal to Govt.
10 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 02 June 2023
Is receipent has taken input tax credit of Damage Goods?.
Sandeep Jain
(Pivate)
(1459 Points)
Replied 02 June 2023
Yes and still damage Goods available in receiptent godown. supplier yet not demand to return back
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 02 June 2023
As per section 17(5)(H) of the CGST Act, Input tax credit on damaged goods not available, so receipent has to reverse ITC , with interest.
Sandeep Jain
(Pivate)
(1459 Points)
Replied 02 June 2023
Prasad Sir, receiptent Filed His GRTR 3B
for March and April so can he reverse the ITC in may month
for March and April so can he reverse the ITC in may month
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 02 June 2023
When he has taken ITC on damaged goods? which month?.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 02 June 2023
Please discuss with your company CA , because I don't have all details of this Case .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 08 June 2023
"Sorry, I am not a featured member."
For featured members contact.... https://www.caclubindia.com/catalogue/featured.asp
Recent Topics
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
Related Threads
CAclubindia
