ITC on Capital Goods

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13 Points Posted on 19 April 2020
if a capital goods destroyed after claiming itc then what is treatment of itc
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On 19 April 2020 at 23:04 Report
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If capital goods are destroyed after you've claimed Input Tax Credit (ITC), CGST rules mandate a reversal of this ITC. This reversal is calculated at 5% per quarter and is added to your output tax liability. It's important to note that certain credits, such as those under Section 17(5) for blocked credits, may also be subject to specific reversal treatments.

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41 Points Posted on 19 April 2020
Please read cgst rule chapter 5th
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On 19 April 2020 at 23:34
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97 Points Posted on 20 April 2020
As per cgst rules itc 5% per quarter have to be reversed .
This reversal itc added to your output tax liability ledger .
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On 20 April 2020 at 07:17
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Chartered Accountant
12739 Points Posted on 20 April 2020

reverse the ITC - BLOCKED CREDITS - SEC 17(5)

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On 20 April 2020 at 08:23

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