JATIN DUGGAL (CHARTERED ACCOUNTANT IN PRACTICE) 03 December 2019
@ Ninad Taralekar
ITC needs to be reversed in case of goods lost in terms of provisions of Section 17(5)(h) of the CGST, Act, 2017. File DRC-03 for the same and reverse the ITC availed on such goods at the time of purchase.
Ninad Taralekar 03 December 2019
@ Jatin Duggal,
Yes sir i am very much clear about reversal provision. My query is specifically regarding insurance claim received for the loss.
Because lets suppose my total loss is of Rs. 20lakh. Out of which for Rs. 5 lakh i recovered Rs. 1 lakh through scrap so for this Rs. 5 lakh i dont need to reverse ITC. & Insurance company settled my 20 lakh claim for Rs. 6 lakh. My remaining loss is of Rs. 9 lakh on which i reversed the ITC. SO now for that Rs. 6lakh do i need to pay GST?