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.
Menu
Reversal of ITC on loss in transit
Replies (5)
As per section 17(5) (h) of the CGST act 2017 Goods lost No input tax credit is available .
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.
lost in transit. (amt of loss) Dr.
to purchases. Cr.
GST Disallowed/reversal (amt of tax) Dr.
to GST payable. Cr.
Yes...
The Goods values will be transferred to PandL account as Loss...
The Input Tax amount will be reversible...
The Goods values will be transferred to PandL account as Loss...
The Input Tax amount will be reversible...
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
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
Recent Topics :
- TDS on payment to a non resident
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
- GST applicability on own-vehicle goods transportat
- FAST DS Scheme 26
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
Related Topics :
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
