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ITC Implications
what are the ITC implications of GST in case of goods stolen? how can it be adjusted in returns?
Replies (6)
Reverse ITC in GSTR 3B
adjust in itc others
According to credit provisions in the GST Act, input tax credit shall not be allowed for goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples. Accordingly, input tax credit is required to be reversed in 3B.
As per Section 17(5) , the ITC has to be reverse in case of Goods stolen
So reverse the ITC attributed to stolen goods & show it in 3b Under table 4 (reversal of ITC)
So reverse the ITC attributed to stolen goods & show it in 3b Under table 4 (reversal of ITC)
previous year few debtors not recovered so debtors amount write off in current year so what prosses?
you can write off Bad debts in current year.
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