Whether ITC is to be reversed on Inputs if Finished Goods billed but not delivered to recipient is Destroyed in Fire

Whether ITC is to be reversed on Inputs if Finished Goods billed but not delivered to recipient is Destroyed in Fire https://www.taxtmi.com/forum/issue?id=119461 Raising an invoice and receiving payment do not alone establish supply; a credit note can negate supply. When finished goods are destroyed, ITC attributable to inputs in those goods constitutes blocked input tax credit and must be reversed. If an insurer remits a tax component for the destroyed goods, that tax must be deposited with the government; absent such recovery, the originally claimed ITC on those inputs must be reversed. en-us Wed, 11 Dec 2024 11:23:37 +0530 Fri, 24 Jan 2025 10:40:16 +0530 TaxTMI RSS Generator Whether ITC is to be reversed on Inputs if Finished Goods billed but not delivered to recipient is Destroyed in Fire https://www.taxtmi.com/forum/issue?id=119461 Raising an invoice and receiving payment do not alone establish supply; a credit note can negate supply. When finished goods are destroyed, ITC attributable to inputs in those goods constitutes blocked input tax credit and must be reversed. If an insurer remits a tax component for the destroyed goods, that tax must be deposited with the government; absent such recovery, the originally claimed ITC on those inputs must be reversed. Discussion-Forum GST Wed, 11 Dec 2024 11:23:37 +0530 https://www.taxtmi.com/forum/issue?id=119461