Input tax credit restrictions exclude credits for goods lost, stolen, destroyed, written off or given as gifts or samples. Section 17(5) establishes a categorical bar on the availability of input tax credit for goods that are lost, stolen, destroyed, written off, or disposed ... Summary
Input tax credit restrictions exclude credits for goods lost, stolen, destroyed, written off or given as gifts or samples.
Section 17(5) establishes a categorical bar on the availability of input tax credit for goods that are lost, stolen, destroyed, written off, or disposed of by way of gift or as free samples, excluding these events from the general entitlement to credit under the GST ITC framework.
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