https://www.taxtmi.com/forum/issue?id=110118 When goods are lost or damaged in transit and the buyer accounts for a lower value, the buyer may issue Form C for the reduced amount; the seller must pass a journal entry for loss in transit so its customer accounts reconcile. Payment recovery from the transporter may cover damage value but does not substitute for accounting adjustments. If returns were already filed, the seller must revise tax returns to reflect net sales after transit loss; Central Excise provisions now permit revision of monthly and yearly returns. en-us Thu, 31 Mar 2016 19:00:22 +0530 Thu, 23 Jan 2025 15:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=110118 When goods are lost or damaged in transit and the buyer accounts for a lower value, the buyer may issue Form C for the reduced amount; the seller must pass a journal entry for loss in transit so its customer accounts reconcile. Payment recovery from the transporter may cover damage value but does not substitute for accounting adjustments. If returns were already filed, the seller must revise tax returns to reflect net sales after transit loss; Central Excise provisions now permit revision of monthly and yearly returns. Discussion-Forum VAT / Sales Tax Thu, 31 Mar 2016 19:00:22 +0530 https://www.taxtmi.com/forum/issue?id=110118