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ITC Implications

Manthan Hindocha (Article Assistant) (26 Points)

14 October 2018

what are the ITC implications of GST in case of goods stolen? how can it be adjusted in returns?

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adarsh gupta (68 Points)
Replied 14 October 2018

Reverse ITC in GSTR 3B

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kiran Kumar (54 Points)
Replied 14 October 2018

adjust in itc others

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Vinod Babu (24191 Points)
Replied 14 October 2018

According to credit provisions in the GST Act, input tax credit shall not be allowed for goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples. Accordingly, input tax credit is required to be reversed in 3B.

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Pankaj Rawat (GST Practitioner) (55037 Points)
Replied 14 October 2018

As per Section 17(5) , the ITC has to be reverse in case of Goods stolen

So reverse the ITC attributed to stolen goods & show it in 3b Under table 4 (reversal of ITC)

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