VAT on Goods Destroyed at Factory
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2011
Please let us know the VAT or CST applicability on finished goods kept in factory which was destroyed in a major fire accident. While making the Insurance claim, only the cost of goods were made and insurance company reimbursed the cost of goods lost in fire. Please let us know the tax implications, if any on this.
MJ Krishnamurthy
(Expert)
19 July 2011
Mr Author,
You can not claim the input tax credit on the purchases consumed for manufacturing the products destroyed in fire.Input tax paid only on the purchases used for manufacturing the soold goods can be claimed.
MJK
You can not claim the input tax credit on the purchases consumed for manufacturing the products destroyed in fire.Input tax paid only on the purchases used for manufacturing the soold goods can be claimed.
MJK
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