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How to Return ITC Claimed for Lost Goods ?
Client has sent some goods to Amazon warehouse which is his additional place of business as per GST. Amazon has lost/ misplaced his goods. How accounting entry should be made in books of account of client to book the loss and return ITC claimed in GST?
Replies (4)
Quick Summary
Pass entry
Goods Lost. A/c Dr
To purchase A/c Cr
To CGST A/c Cr
To SGST A/c Cr
( Being goods lost by Amazon)
You Can not claim input tax credit , as it is blocked credit as per section 17(5)(h) of the CGST act 2017. reverse as above in the books . If you have claim in GSTR3B please reverse it.
Goods Lost. A/c Dr
To purchase A/c Cr
To CGST A/c Cr
To SGST A/c Cr
( Being goods lost by Amazon)
You Can not claim input tax credit , as it is blocked credit as per section 17(5)(h) of the CGST act 2017. reverse as above in the books . If you have claim in GSTR3B please reverse it.
Thank you
Also reduce lost stock from Stock Journal .
ITC is blocked as per section 17(5)
Goods lost Ac Dr
To purchase Ac Cr
To Cgst ac cr
To sgst Ac cr
Regards
Amit Rathore
www.rathoretaxconsultant.com
Goods lost Ac Dr
To purchase Ac Cr
To Cgst ac cr
To sgst Ac cr
Regards
Amit Rathore
www.rathoretaxconsultant.com
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