TREATMENT FOR DAMAGE GOODS LOST BY FIRE

2410 views 1 replies
Hi,We are having warehouse from where we supply the finished goods. There is fire incident in neighbour premises, due to which our material get damaged. This is an imported material on which we have paid the duty and availed input tax credit on the same.Would like to understand the treatment of the same under GST. Also we are going to claim the loss with insurance company.Pls let me know any reversal of ITC to be made or any other action to be taken.Thank youRitesh
Replies (1)
As per section 17(5)

u have reverse the itc availed

h] goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples; and


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register