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goods lost by fire

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mohitgupta2103@gmail.com
110 Points Posted on 04 November 2018
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?
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On 04 November 2018 at 16:36 Report
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109 Points Posted on 04 November 2018
Yes, Goods lost or destroyed is treated as ineligible Input tax credit as per section17(5)
need to reverse the same.
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On 04 November 2018 at 17:21
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Employment
33 Points Posted on 28 January 2019

Damaged but we sold it half price .. In this case input reversal is necessary ?

 

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On 28 January 2019 at 13:12
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Chartered Accountant
73 Points Posted on 28 February 2019

What would be the treatment of Goods Lost by Fire, where dealer is in Composition Scheme?

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On 28 February 2019 at 14:47


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