ITC WHEN SOLD AT LOSS

If goods costing Rs 105 is sold at Rs 100 than balance input of gst will need to be reversed or whether it can be utilised for other output tax liability?
Replies (4)
Quick Summary
This discussion addresses the Goods and Services Tax (GST) implications when business inventory is sold at a loss. Specifically, it clarifies whether the input tax credit (ITC) on goods that cost more than their selling price can be reversed or if it can be used to offset other output tax liabilities. The consensus suggests that the ITC can generally be utilised for other output tax obligations, differentiating it from scenarios involving capital goods where specific rules apply.

Is it second hand goods?.
No, it's normal trading goods of business
If it is capital goods then refer rule 44
Can utilise in other product

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
Featured 29 October 2026
Accounts Executive

Synergy Keystone

Chennai

B.Com

View Details
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details