9911796707
TMI BlogGST on damaged machineryX X X X Extracts X X X X X X X X Extracts X X X X ..... GST on damaged machinery X X X X Extracts X X X X X X X X Extracts X X X X ..... nd some machineries are damaged. 5 machines purchased before GST and 3 machines purchased after GST. What will be tax implication if I received compensation from insurance co. Whether I need to rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erse input credit on machinery purchased in Excise and GST regime. Reply By Shilpi Jain: The Reply: GST will not be applicable on the insurance claim received. In case no credit is transitioned in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to GST relating to the machinery purchased during Excise regime, credit reversal will not be required. W.r.t. the machinery purchased in GST regime reversal of credit would be required. However. in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case machinery can fetch any scrap value on sale then no credit reversal would be required. Reply By KARAN VERMA: The Reply: Thank you madam, I m satisfied with yout all above views. But in last, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f we realised any scrap value, then why not input reversal required. Reply By KASTURI SETHI: The Reply: If you have taken credit, you will clear scrap of machinery on payment duty. If credit has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been, duty already paid at the time of purchase of machinery. Reply By Ganeshan Kalyani: The Reply: ITC to be reversed u/s 17(5) - (h) goods lost, stolen, destroyed, written off or disposed. And, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no GST on insurance claim. X X X X Extracts X X X X X X X X Extracts X X X X
|
