dear experts
we important the materials from other countries and paid GST same availied credit .
now that material are rusted there is no further use .will sale by scarp with nominal value.
in this case can i reversal the ITC on that materials ?
kindly sujjest .
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ITC reversal on rust materials
Replies (2)
Yes u need to reverse ITC on rust material
If you sold Same Raw Material on which Itc was claimed, You have to pay GST on Value received on disposal of such Materials. No need to Reverse it.
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