https://www.taxtmi.com/forum/issue?id=119882 Record inventory write off by debiting a loss account and crediting Inventory for book value. Debit Bank and credit the loss account on receipt of insurance proceeds, with the net difference in Profit & Loss. If no tax invoice was issued, no GST liability arises. If sale was recorded, reverse the supply and output tax by issuing a credit note and adjusting GSTR 1 and GSTR 3B. Reverse any Input Tax Credit claimed on the destroyed goods and reflect the ITC reversal in accounts. en-us Thu, 17 Apr 2025 12:17:39 +0530 Thu, 17 Apr 2025 18:30:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119882 Record inventory write off by debiting a loss account and crediting Inventory for book value. Debit Bank and credit the loss account on receipt of insurance proceeds, with the net difference in Profit & Loss. If no tax invoice was issued, no GST liability arises. If sale was recorded, reverse the supply and output tax by issuing a credit note and adjusting GSTR 1 and GSTR 3B. Reverse any Input Tax Credit claimed on the destroyed goods and reflect the ITC reversal in accounts. Discussion-Forum Income Tax Thu, 17 Apr 2025 12:17:39 +0530 https://www.taxtmi.com/forum/issue?id=119882