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GOODS LOST IN TRANSIT
Goods lost in transit after issuing invoice but before taken into account by buyer weather GST liability arise or not .
Replies (7)
GST TO BE REVERSED IN PROPORTION TO THE AMOUNT OF GOODS LOST IN TRANSIT. FOR EG. YOU PURCHASED ONE TRUCK OF COAL OF 10 TONNE PRICING 10000 PER TONNE TOTAL VALUE 100000/- GST 18% GST IS 18000/-. FREIGHT AMOUNT 56580/-. LOSS IN TRANSIT IS 0.50 TONNE. SO YOU HAVE TO REVERSE GST WORTH RS. 900/- ON AMOUNT OF LOST COAL RS. 5000/-. ALL THIS DEPENDS ON THE CONTRACT
if goods not delivered to buyer place .wether it's liability to pay tax now
you have to pay to ur supplier the bill amount.no gst payable to govt by u. you supplier will paythe tax paid by you to him. you cant claim itc on such bill
As per section 17(5) Goods stolen , the ITC has to be reverse .
SIR GOODS HAS LOST BY FIRE WE ARE REVERSING OUR INPUT TAX CREDIT BUT WHAT ABOUT OUR EWAY BILL
good clarification and information
DIRECTOR HOME ELECTRICITY BILL PAID BY COMPANY IS THIS EXPENSES IS ALLOWED IN I. TAX & COMPANY ACT
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