ITC Reversal or Not

Indirect Taxation

Raw material purchased, Produced and sold. GST E- Invoice made and Goods are send to buyers place in lorry. Lorry got fire accident before reach the buyer's place, all the goods are completely destroyed in fire (100%). In this situation as a seller can we take ITC credit for Raw material purchases?

Ravikumar Pandi

CA Inter

★ 2K+

05-Sep-22 13:46

560

Answers (5)

In put tax credit may be subject to based onpayment.and proofs also important after that reversal may be done some extent

RAVIKANTH RALLAPALLI

CA Inter

★ 1K+

05-Sep-22 14:24

No we can't take in case of availing of ITC the goods must be available in physical form that is the goods must be in existence

Thanusha Lakshmi

CA Final

★ 3K+

05-Sep-22 17:13

Is this an INTERIM DIVIDEND ? Chapter : consolidated fs

Attachments

Ca Inter

CA Inter

★ 5

05-Sep-22 17:16

Ca Inter

Is this an INTERIM DIVIDEND ? Chapter : consolidated fs

No when dividend is declared at year end it will be final dividend

Thanusha Lakshmi

CA Final

★ 3K+

05-Sep-22 17:26

As per Section 17(5), it becomes blocked credits.

Shiva Teja

Faculty

06-Sep-22 17:00