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goods lost by fire
if a client is in the business of trading of goods and the stock is destroyed due to fire, whether GST ITC already availed on stock needs to be reversed?
Replies (3)
Yes, Goods lost or destroyed is treated as ineligible Input tax credit as per section17(5)
need to reverse the same.
need to reverse the same.
Damaged but we sold it half price .. In this case input reversal is necessary ?
What would be the treatment of Goods Lost by Fire, where dealer is in Composition Scheme?
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