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Reversal of ITC on loss in transit

ITC / Input 1941 views 5 replies
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PROPRIETOR
73 Points Posted on 07 July 2018
We had sent goods on approval and the same has been lost in transit. what would the treatment under GST regime???

Should we reverse the input credit taken earlier?

if there is no itc then what would be the treatment.

and what would be the treatment if goods that lost in transit, we party ITC taken.


pls help.
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On 07 July 2018 at 16:17 Report
Replies (5)
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GST Practitioner & Accounts
15083 Points Posted on 07 July 2018

As per section 17(5) (h) of the CGST act 2017 Goods lost  No input tax credit is available .

24 Reply
On 07 July 2018 at 16:51
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PROPRIETOR
73 Points Posted on 07 July 2018
thanks..... what would be the journal entries for the same??

lost in transit. (amt of loss) Dr.
to purchases. Cr.


GST Disallowed/reversal (amt of tax) Dr.
to GST payable. Cr.
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On 07 July 2018 at 17:04
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"Do the Right Thing...!!!"
128147 Points Posted on 07 July 2018
Yes...
The Goods values will be transferred to PandL account as Loss...

The Input Tax amount will be reversible...
463 Reply
On 07 July 2018 at 17:09
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Accounts Manager
132 Points Posted on 12 July 2019

sir,

could u please elaborate the journal entries

loss in transit  amount means taxable value?

Gst disallowed/reversal (amount of tax) under the which head?

please suggest. thanks in advance

regards

Rajesh

 

 

1 Reply
On 12 July 2019 at 17:37
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Private Job
436 Points Posted on 21 August 2019

Dear Sir

Can you guide to me due to non filed the return by supplier i have reversed the ITC via 3B. But its pending in books please guide to me entry how to adjust the same in books

 

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On 21 August 2019 at 15:54


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