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GOODS LOST IN TRANSIT

Ajay jangir (no) (124 Points)

13 May 2018  
Goods lost in transit after issuing invoice but before taken into account by buyer weather GST liability arise or not .

 7 Replies

Gagan Singla (564 Points)
Replied 13 May 2018

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

Ajay jangir (no) (124 Points)
Replied 13 May 2018

if goods not delivered to buyer place .wether it's liability to pay tax now

Gagan Singla (564 Points)
Replied 13 May 2018

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
1 Like

Pankaj Rawat (GST Practitioner) (51638 Points)
Replied 14 May 2018

As per section 17(5) Goods stolen , the ITC has to be reverse .
1 Like

SHUBHAM CHHABRA (ca) (9 Points)
Replied 04 June 2019

SIR GOODS HAS LOST BY FIRE WE ARE REVERSING OUR INPUT TAX CREDIT BUT WHAT ABOUT OUR EWAY BILL 

subhagan sreerangam (6903 Points)
Replied 11 August 2019

good clarification and information

SHUBHAM CHHABRA (ca) (9 Points)
Replied 29 November 2019

DIRECTOR HOME ELECTRICITY BILL PAID BY COMPANY IS THIS EXPENSES IS ALLOWED IN I. TAX & COMPANY ACT 


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