Goods sent by Supplier was lost in Transit . Details of the lost goods has been uploaded in GSTR1 by supplier. Transport arrangement has been made by the Supplier !
Now what will be the treatment of lost goods in the hands of Recipient and Supplier?
What will be role of supplier and recipient regarding GSTR1 and GSTR2B ?
ITC cannot be claimed by the recipient.
Supplier can issue credit note since supply was not complete but it depends on the terms of the agreement between seller and buyer
What about GSTR1 & GSTR2B?
Supplier will file credit note of issued in GSTR-1.
Your GSTR2-B will reflect such credit note.
Goods were sold on ex-Plant basis with transfer of ownership at factory gate at the time invoicing.
Then supplier is not needed to issue credit note since sale already completed.
However recipient will not be able take ITC since goods lost before further supply or usage in manufacture.
Many Many thanks !Sir
Hema Yashwanth & Associates
Chennai
B.Com
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Suraj Garg and Associates
New Delhi
CA Inter
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Synergy Keystone
Mumbai
CA
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CCI
Pro
CAclubindia
