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Reversal of itc on stock loss
how to reverse itc in case of stock loss by fire and insurance claim received. how to show in gst return.
Replies (2)
Calculate the value of stock After that get Tax value.
Reverse the ITC in GSTR 3B return in the particular column (Ineligible ITC/ Reverse column)
Reverse the ITC in GSTR 3B return in the particular column (Ineligible ITC/ Reverse column)
Before reversing confirm that whether the same had been tax on the stock had been paid or not. We take input tax credit on the basis of invoice . But if the tax on such item had not been paid there will be a legitimate issue.
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