https://www.taxtmi.com/forum/issue?id=119417 Reversal of input tax credit under Section 17(5)(h) is required for goods destroyed by flood; proportionate ITC should be reversed to match the physical quantity no longer available for sale. Partially damaged but saleable goods do not require reversal to that extent. Taxpayers should obtain a Chartered Accountant certificate confirming the reversal and present it to the insurer so the insurance claim can include the GST component without resulting in a double benefit. en-us Fri, 22 Nov 2024 20:32:28 +0530 Fri, 24 Jan 2025 10:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119417 Reversal of input tax credit under Section 17(5)(h) is required for goods destroyed by flood; proportionate ITC should be reversed to match the physical quantity no longer available for sale. Partially damaged but saleable goods do not require reversal to that extent. Taxpayers should obtain a Chartered Accountant certificate confirming the reversal and present it to the insurer so the insurance claim can include the GST component without resulting in a double benefit. Discussion-Forum GST Fri, 22 Nov 2024 20:32:28 +0530 https://www.taxtmi.com/forum/issue?id=119417