Dear sir/madam,
My brother runnings a food products distribution business. He purchase Almond from Mumbai. We have shop tamilnadu. due to transport time Some value of goods are Damaged. how to be treated this normal loss in GST. please give me a clear solution.
Thank you
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FOOD ITEMS-TRANSPORT LOSS-GST
Replies (3)
When you had purchased almonds you would had got a gst invoice, now you would not claim all igst as itc. You can claim itc only on the proportionate basis of almonds out of total which are not damaged.
As per Section 17(5)(h) , need to reverse the ITC in proportionate to value of goods destroyed.
There is no such relaxation in respect of Input Tax Credit on goods normal loss in GST Law at present, so you have to reverse the proportionate ITC.
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