ITC Must Be Reversed on Inputs Used for Goods Later Destroyed in Fire Under Section 17(5) of SGST Act

ITC Must Be Reversed on Inputs Used for Goods Later Destroyed in Fire Under Section 17(5) of SGST ActCase-LawsGSTThe AAAR held that a registered person must reverse Input Tax Credit (ITC) availed on inputs used to manufacture steel nails that were subsequ

ITC Must Be Reversed on Inputs Used for Goods Later Destroyed in Fire Under Section 17(5) of SGST Act
Case-Laws
GST
The AAAR held that a registered person must reverse Input Tax Credit (ITC) availed on inputs used to manufacture steel nails that were subsequently destroyed in a fire accident. While Section 16 of SGST Act, 2017 generally allows ITC on inputs used in furtherance of business, Section 17(5) specifically prohibits ITC on goods that are “lost, stolen, destroyed or written off

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =