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Treatment of itc on sale of damaged goods
textile traders periodically dispose off garments at half or even less than half the price due to shopsoiling, out of fashion issues. So are they liable to repay the difference in ITC claimed and the output tax collected at reduced sale prices? Eg. Rs 5000 costing saree, itc claimed @ 5%=250.but disposed off at say Rs1000, output tax is 50 only. Is he liable to repay Rs 200?
Replies (1)
No unless he falls under related person and valuation rules.
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