If goods destroyed by fire than what about input vat credit
This query is : Resolved
ARUN KUMAR
(Querist)
19 October 2013
Pls, tell me if goods (in which dealer trades or final goods) are destroyed by fire than what about input vat credit... means dealer will claim that from sales tax department or from insurance company in case goods were insured against fire
Ganeshbabu K
(Expert)
29 October 2013
The vat paid on purchases of goods that were destroyed by fire,rioting,floods,theft etc and brought on record have to be reversed in the returns.
This is because of no taxable sales or consumption for production of taxable goods out of such destroyed goods can be made.
This is because of no taxable sales or consumption for production of taxable goods out of such destroyed goods can be made.
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