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

MJ Krishnamurthy (Expert)
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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

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