Input Tax Credit

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CA Job
71 Points Posted on 16 May 2017
if Goods are received in lots & there are loss in transit for which payment is made in full can ITC be claimed for full quantity.
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On 16 May 2017 at 20:24 Report
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GST Consultant
15986 Points Posted on 16 May 2017
No, ITC will not be claimed for full quantity but for only those inputs which you receive
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On 16 May 2017 at 20:36
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CA Job
71 Points Posted on 16 May 2017
Thanks. Mbn.
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On 16 May 2017 at 21:11
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Manager(excise)
60 Points Posted on 17 May 2017
some percentage of loss in transit is allowed ITC
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On 17 May 2017 at 17:37
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Chartered Accountant
39039 Points Posted on 17 May 2017

Natural and expected losses like evaporation or glass breakages etc are example to avail full credit.

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On 17 May 2017 at 19:06

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