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Tax Treatment of goods seized
Are the goods seized by gst department for non payment of tax will be treated as supply?
Replies (7)
No
why ? can u explain!
Simply, it is not sell of the goods........
then we have to reverse itc on those goods or not?
Yes. when the settlement made by the concerned department.
it is a permanent transfer of business asset,so we have to treat it as supply? ..whats ur view
Confiscated goods can never be supply........ it gets reduced from stocks........
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