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Damaged stock

Nagesh V (Articla Assistant) (33 Points)

20 October 2021

gst effect on damaged stock

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3 Replies

Kev Men (756 Points)
Replied 20 October 2021

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.

Nagesh V (Articla Assistant) (33 Points)
Replied 20 October 2021

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 .