GST REVERSAL FOR INSUARNCE CLAIM

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prakash menon (Querist)
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25 November 2019 Dear Sir,
As we are manufacturing firm for garments. Due to the floods in Mumbai on July 2019, our goods were damaged due to watterlogging at our ware house. We have put insurance claim from the insurance company. After submitting the necessary documents, they told us to reverse the ITC claimed earlier, and to show the reversal document to them. Then only they would pass the insurance claim.
Kindly explain the reversal procedure for ITC of GST. to show the same to insurance company.
Please reply back immediately.
Thanks

JATIN DUGGAL

JATIN DUGGAL (Expert)
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25 November 2019 You can file DRC-03 by showing reversal of ITC. In remarks column mention the situation by which ITC is being reversed.

prakash menon

prakash menon (Querist)
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25 November 2019 Kindly explain the under which section under section. Please explain the column under dropdown in the Form DRC-03

JATIN DUGGAL

JATIN DUGGAL (Expert)
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25 November 2019 Select nature of payment as voluntary payment and proceed accordingly.

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