https://www.taxtmi.com/forum/issue?id=118019 Input Tax Credit reversal is disputed where damaged goods led to a commercial debit/credit adjustment without a statutory credit note and without supplier tax reduction. If goods are destroyed, blocking of ITC may apply; if salvageable or repairable, blocking may not apply. Issuance of a formal credit note under the statutory provision is not always mandatory and commercial adjustments differ from the statutory credit note. If the supplier claims insurance and the recipient pays nothing, ITC reversal may be required; where goods are salvageable and commercial settlements occurred, many practitioners view reversal as unnecessary though subject to dispute. en-us Tue, 28 Jun 2022 18:41:39 +0530 Thu, 23 Jan 2025 15:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118019 Input Tax Credit reversal is disputed where damaged goods led to a commercial debit/credit adjustment without a statutory credit note and without supplier tax reduction. If goods are destroyed, blocking of ITC may apply; if salvageable or repairable, blocking may not apply. Issuance of a formal credit note under the statutory provision is not always mandatory and commercial adjustments differ from the statutory credit note. If the supplier claims insurance and the recipient pays nothing, ITC reversal may be required; where goods are salvageable and commercial settlements occurred, many practitioners view reversal as unnecessary though subject to dispute. Discussion-Forum GST Tue, 28 Jun 2022 18:41:39 +0530 https://www.taxtmi.com/forum/issue?id=118019