Input tax credit in case of goods destroyed by fire
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2014
1) whether input tax credit under MVAT act 2002 available in case of Goods destroyed by Fire which is head as stock in trade, it include Raw Material, semi-finished and finished goods. also provide related case law (if any)
2)if insurance claim received against loss of stock and claim does not recover any tax amount than what the treatment of VAT ???
whether reversal of input tax credit or payable of VAT on Claim amount received???
2)if insurance claim received against loss of stock and claim does not recover any tax amount than what the treatment of VAT ???
whether reversal of input tax credit or payable of VAT on Claim amount received???
Ganeshbabu K
(Expert)
09 January 2014
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.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
