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.
Menu
Input Tax Reversal on fire
Replies (4)
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.
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
