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GST UPDATE ON REVERSAL OF ITC IN CASE OF GOODS LOST BY FIRE

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 9-12-2017 Last Replied Date:- 11-12-2017 - In GST regime, the scope of definition of inputs, capital goods and input services is very wide and covers almost all the imaginable goods and serv .....

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otwithstanding anything contained in sub-section (1) of section 16 and sub-section (1) of section 18, input tax credit shall not be available in respect of the following, namely:- ...... ...... (h) goods lost, stolen, destroyed, written off or dispos .....

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chool of thought which opines that the section 17(5) imposes the restrictions on the inputs or capital goods or input services on which ITC is straight forward denied. This section does not talk of the cases wherein the said inputs, capital goods or .....

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oyed. In their opinion, if the finished goods are destroyed, lost or stolen; the reversal will not be required. There is another school of thought which believe that the reversal in case of loss or damage of finished goods will also be required. In t .....

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both the views, the authors of this update find that the definition of inputs and capital goods use the phrase used or intended to be used in course or furtherance of business . Since this condition is to be checked at the time of admissibility of I .....

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hout a specific provision in this regard. There is no provision for demanding the ITC on inputs, capital goods and input services that have already been used for manufacture of finished goods that are lost or stolen or damaged. There is only one prov .....

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sion for demanding back the ITC on already consumed inputs or capital goods or input services, the same cannot be reversed. Also, it is worthwhile to mention here that under Central Excise Regime, there was specific provision for reversing the cenvat .....

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