Damage claim received from supplier
This query is : Resolved
21 September 2023
I am having business of chips and kurkure, i purchased goods worth 100000 plus 12000 gst. Later on 20% chips packets became damaged (packets depuffed and rat cutting ) etc . My supplier has a policy to send the goods to wasteline co. And nominal value of goods received from that company and leftover reimbursement is done by supplier . 20000 is my damages and 1000 i have received from wasteline and 19000 from supplier . I am paying gst on 1000 also its my sale . How will i account for 19000 in my books and also guide me gst is applicable on this or not ?
21 September 2023
Issue credit note for 20,000 without GST reverse ITC related to 20,000 if any claimed.
Account sale of 1000 with GST.
Account sale of 1000 with GST.
21 September 2023
Sir , but we according to supplier its the value of goods which is declining. So goods are sold on nrv i.e at 1000. And supplier is reimbursing my loss. Then why i need to reverse itc.
22 September 2023
ITC reversal required for goods damaged or lost
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