17 (5) GOODS DAMAGE & SCRAP SALE

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..... Dear Professional, We had bought the goods 2 years back due to non-sales on time got spoiled which we sold in scrap should we refund the input tax of the value which is difference of scrap sale and purchase price - Reply By KASTURI SETHI - The Reply = In my view , reversal is not required on the following grounds :- (i) Not hit by Section 17(5)(h) of CGST Act . The word. 'spoiled' .....

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..... ; does not find place in this sub-clause. (h) goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples; and (ii) Sale of scrap i.e. spoiled goods are covered in the phrase, used in the course or furtherance of his business as per Section 16 (1) of CGST Act - Reply By Shilpi Jain - The Reply = Agree with kasturi sir. Once goods sold with payment o .....

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..... f tax, be it whatever value , ITC would be eligible. - Reply By Ganeshan Kalyani - The Reply = No need to reverse the input tax credit as clarified by experts. - Reply By RAMASWAMY Advocate - The Reply = yes, in my view the expert opinions appear to be correct. - Reply By KASTURI SETHI - The Reply = Sh.Ramaswamy Ji, Thanks for your concurrence with the views. .....

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..... I could not digest the word, 'appears'. In my views, the word, 'appears' contains the element of uncertainty. In other words, the absence of confirmation. Do you agree ? Your views please, sir. - 17 (5) GOODS DAMAGE & SCRAP SALE - Query Started By: - santosh yadav Dated:- 14-10-2021 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply .....

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..... post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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