In a manufacturing unit there is a major fire and entire factory is fade away.
Is there any statutory requirement to intimate GST department ??
Is my understanding correct that we have to reverse the GST on stock and plant & machinery that is burned in fire ??
What will be impact of GST when insurance claim received.
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Input Tax Reversal on fire
Replies (4)
Quick Summary
Yes, has to reverse itc on destroyed stock and proportionately on plant and machinery by reducing percentage points.
And there is no any GST liability on Insurance claim received.
And there is no any GST liability on Insurance claim received.
Yes in term of Section 17(5) CGST Act ,need to reverse the ITC .
Yes Intimation should be given to the department
Yes Intimation should be given to the department
For intimation, any specific format or just a letter to department.
Intimation on common portal or offline to the jurisdictional officer.
Intimation on common portal or offline to the jurisdictional officer.
no there is no specific format.
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