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loss of goods on flood

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145 Points Posted on 09 September 2019
Goods lost on natural calamity for which input credit has been taken ..Do we have to reverse the itc availed?
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On 09 September 2019 at 08:21 Report
Replies (4)
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banglore
1496 Points Posted on 09 September 2019
yes, ITC has to be reversed
6 Reply
On 09 September 2019 at 08:28
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M Com FCS LLB M-AIMA
14046 Points Posted on 09 September 2019

Yes as per GST law, no ITC available on lost goods so if availed has to be reversed.

14 Reply
On 09 September 2019 at 13:34
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Student
23688 Points Posted on 10 September 2019
Yes you have to reverse the ITC. According to the Provision of Section 17(5) clause (h) of the CGST Act 2017 , ITC on Goods lost, stolen, destroyed or written off is specifically BLOCKED.
97 Reply
On 10 September 2019 at 22:07
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178 Points Posted on 15 September 2019
ITC is not available on goods lost, so you should reverse if availed.
1 Reply
On 15 September 2019 at 20:38


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