Reversal of ITC in case of fire at factory under GST Regime

Since the asset has been destroyed before 5 years from the date of purchase, one needs to reverse the input tax credit available to us and claim the input only for the period for which the asset was in use.

from TaxGuru https://ift.tt/2P5C66j
via gqrds

Comments

Popular posts from this blog

GST ON TOUR OPERATORS AND AIR TRAVEL AGENTS

Consequences of incorrect invoice details uploaded while filing GSTR 1

Compliance Manual for F.Y.2019-20 (A.Y. 2020-21)