loss of goods on flood
Vishnu Das (145 Points)
09 September 2019
Goods lost on natural calamity for which input credit has been taken ..Do we have to reverse the itc availed?
4 Replies
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13709 Points)
Replied 09 September 2019
Yes as per GST law, no ITC available on lost goods so if availed has to be reversed.
Shivam RC
(Student)
(23683 Points)
Replied 10 September 2019
Yes you have to reverse the ITC. According to the Provision of Section 17(5) clause (h) of the CGST Act 2017 , ITC on Goods lost, stolen, destroyed or written off is specifically BLOCKED.
Ravi kumar
(178 Points)
Replied 15 September 2019
ITC is not available on goods lost, so you should reverse if availed.
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