https://www.taxtmi.com/circulars?id=66087 Input tax credit is not available for goods lost, stolen, destroyed, written off, gifted, or supplied as free samples; recovery may be initiated by issuing a show cause notice and a statement of wrongly availed input tax. A taxpayer who pays tax and interest within the prescribed period avoids penalty, while voluntary payment with written intimation leads the officer to determine tax, interest and a reduced penalty. Officers must solicit structured stock statements, verify losses through field visits, and reconcile claims with GST backend data. en-us Tue, 21 Aug 2018 00:00:00 +0530 Wed, 14 Dec 2022 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66087 Input tax credit is not available for goods lost, stolen, destroyed, written off, gifted, or supplied as free samples; recovery may be initiated by issuing a show cause notice and a statement of wrongly availed input tax. A taxpayer who pays tax and interest within the prescribed period avoids penalty, while voluntary payment with written intimation leads the officer to determine tax, interest and a reduced penalty. Officers must solicit structured stock statements, verify losses through field visits, and reconcile claims with GST backend data. Circulars GST - States Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66087