Stock damaged in recent floods, Goods and Services Tax - GST

[CHAMANTHI BUDDAVARAPU]

Hello Sir,

I have a doubt regarding damage stock insurance claim & GST ITC. We have purchases and already input claimed at the time of purchase. But in September due floods 15 Lakh stock damaged. We are claiming insurance but insurance company said that we will consider without GST only. GST part will discuss with GST department. Please guide me what is the procedure regarding this in GST department & insurance company

Posts / Replies

[Amit Agrawal]

There are may facets to the issue raised and needs further facts.

Examples: Are you a trader, manufacturer or service provider? Whether subject gods are inputs, capital goods or intermediate goods? Whether goods are only damaged (i.e. usable for business after carrying out repairs etc.) or destroyed (i.e. unusable and to be sold as scrap)?  

One may refer to discussion we had under Issue-ID: 118820 bearing subject-line as SEC 17(5)(h) for some clarity on various issues involved. 

These are ex facie views of mine and the same should not be construed as professional advice / suggestion.