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?
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.
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