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Lost Goods - GST
Accounting entry & GST treatment in books for GST goods lost in transit?
Replies (1)
Goods Lost in Transit A/c Dr
To Purchase A/c Cr
To CGST A/c Cr
To SGST A/c Cr
( Goods Lost in Transit)
Reverse the input tax credit as above in GSTR3B as well, as per section 17(5)(h) of the CGST act , and reduce lost stock from stock journal ,
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