Tax Treatment of goods seized

LOVE PALIWAL (CA Article) (69 Points)

02 December 2017

Are the goods seized by gst department for non payment of tax will be treated as supply?

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193786 Points)
Replied 02 December 2017

LOVE PALIWAL (CA Article) (69 Points)
Replied 03 December 2017

why ? can u explain!

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193786 Points)
Replied 03 December 2017

Simply, it is not sell of the goods........

LOVE PALIWAL (CA Article) (69 Points)
Replied 03 December 2017

then we have to reverse itc on those goods or not?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193786 Points)
Replied 03 December 2017

Yes. when the settlement made by the concerned department.

LOVE PALIWAL (CA Article) (69 Points)
Replied 03 December 2017

it is a permanent transfer of business asset,so we have to treat it as supply? ..whats ur view

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193786 Points)
Replied 04 December 2017

Confiscated goods can never be supply........ it gets reduced from stocks........

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