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Damaged stock
gst effect on damaged stock
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Quick Summary
As per section 17(5)(h) of the CGST Act, ITC cannot be claimed on the same.
If ITC is already claimed then ITC will need to be reversed i.e will need to be paid.
If ITC is already claimed then ITC will need to be reversed i.e will need to be paid.
Sir due to heavy rain we have lost approx 350000 which was insured example cost is 10rs including gst itc claimed , we have not received from the insurance company with out gst they asked with gst or without gst because of the reversal of itc issues we opted to with out gst . we have not received gst what will be the effect .
ITC cannot be claimed
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