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.
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Quick Summary
This discussion explains how to reverse Input Tax Credit (ITC) when stock is lost due to fire and an insurance claim is received. It details the process of calculating stock value and tax, and how to correctly report the ITC reversal in your GSTR 3B return under the ineligible or reverse ITC column. Crucially, it advises confirming that tax was indeed paid on the lost stock before proceeding with the reversal.

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)
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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