If I lost manufactured goods by flood..
What is the return filing procedure for lost goods?
Experts answer Pls?
Thanks.
ITC will be reversible in GST returns...
Basic value transferred to PandL Account as Loss...
2 Replies
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 22 August 2018
See As per section 17(5) ITC has to be reverse, but as happened due to natural calamity so can approach to your circle officer might be no need to reverse the same.
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