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loss of goods on flood
Goods lost on natural calamity for which input credit has been taken ..Do we have to reverse the itc availed?
Replies (4)
yes, ITC has to be reversed
Yes as per GST law, no ITC available on lost goods so if availed has to be reversed.
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.
ITC is not available on goods lost, so you should reverse if availed.
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