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Lost goods in transit
My client's goods has been lost in transit ,the details of lost goods has been uploaded in gstr1 already, now what's the treatment of lost goods.
Replies (3)
The supply of goods is liable to GST from the date of invoice issued by the supplier. Since the goods are lost, you will not be receiving any payment also and the customer would also not be eligible for any itc. You pay the tax and claim from the insurance including the amount of tax suffered.
thanks sir,
But if the transporter is ready to pay the whole AMT then what is the treatment
But if the transporter is ready to pay the whole AMT then what is the treatment
If transporter indemnifies for the loss, don't claim from insurance.
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