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Reversal of ITC

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8 Points Posted on 27 July 2020
dear Respondent

how to reverse the ITC availed in respect of goods which has been destr
oyed by fire, originally goods was purchased in raw form and destroyed good was in finished and semi- finished form please guide
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On 27 July 2020 at 08:52 Report
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105 Points Posted on 27 July 2020
You have to reverese input taken in respect ef raw good used in finished or semi-finished goods
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On 27 July 2020 at 09:32
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8 Points Posted on 27 July 2020
Then what about ITC in respect of other services consumed to got finished that raw material
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On 27 July 2020 at 09:35
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1313 Points Posted on 27 July 2020
There is no provision at all in GST, which falls for reversal of credit of input tax of those goods (raw materials)which have been already consumed in manufacture of finished goods which subsequently got lost, damaged or destroyed. Therefore, No ITC is required to be reversed in such a case.
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On 27 July 2020 at 13:20


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