Say Company A invoices 100 Kl of base oil to Company B via ship. Company B receives only 99 KL and 1 KL is lost in transit.
Whether Company B is entitled for credit of 99 KL or 100Kl?
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Gst credit in case of goods lost in transit
Replies (3)
as per section 17(5)(h) of cgst act 2017 if goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples will not be eligible for ITC
Mr.K.Prasanth is correct as per sec-17 of the act.But It can be adjusted in the return by issuing Debit note/ credit note for 1 KL lost in transit. Both company A & B has to accept the same.
how both A and B have to accept?
What if the entire consignment is lost?
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