https://www.taxtmi.com/article/detailed?id=12019 The Authority holds that input tax credit is conditional on making taxable supplies and that where inputs or finished goods are lost or destroyed, the credit already availed must be reversed under the combined operation of Section 17(2), Section 17(5) and Section 18(4). Reversal applies to inputs in stock, inputs contained in semi finished or finished goods in stock, and capital goods; accordingly credit must be repaid whether inputs were consumed into finished goods later destroyed, were destroyed before use, or where destroyed finished goods are sold as scrap with output tax paid. en-us Sat, 04 Nov 2023 21:51:40 +0530 Sat, 04 Nov 2023 21:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12019 The Authority holds that input tax credit is conditional on making taxable supplies and that where inputs or finished goods are lost or destroyed, the credit already availed must be reversed under the combined operation of Section 17(2), Section 17(5) and Section 18(4). Reversal applies to inputs in stock, inputs contained in semi finished or finished goods in stock, and capital goods; accordingly credit must be repaid whether inputs were consumed into finished goods later destroyed, were destroyed before use, or where destroyed finished goods are sold as scrap with output tax paid. Articles Goods and Services Tax - GST Sat, 04 Nov 2023 21:51:40 +0530 https://www.taxtmi.com/article/detailed?id=12019