I have made a import of some products on that I have paid custom duty and Igst under rcm.
now i have received some product damage which cannot be returned to supplier ..can i claim input on damage product or disposed off product ??
wheather sec 17(5) block credit will be applicable here??
Menu
Import doudt
Replies (2)
No, Since your are disposing the damaged product the IGST paid under custom is blocked, no ITC is allowed.
But if you are able to return the imported product to the exporter then you can claim refund of IGST paid as custom under section 20, 74 of custom act.
But if you are able to return the imported product to the exporter then you can claim refund of IGST paid as custom under section 20, 74 of custom act.
no you can not get itc benifit on losses/damages goods.
Recent Threads
- Exemptions under New Tax Regime
- ITR-2 Payment Made but Status Not Updated
- Need help for ITR filing
- ITR Updated returns. Time limit for filing
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax and Indexation on Debt Mutual Funds Sold
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
Related Threads
CAclubindia
