GST Tax Remission Only Applies When Goods Are Supplied; No Tax Due If Goods Are Lost Before Supply
Remission of tax under GST law is applicable only when a taxable event has occurred, meaning tax is payable upon the supply of goods. If goods are lost or destroyed before supply, the taxable event does not occur, and therefore, no tax is payable. Consequently, the question of tax remission does not arise in such situations.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.