TaxTMI 
TaxTMI 
Treatment of Input Credit on damaged / stolen goods
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....reatment of Input Credit on damaged / stolen goods<br> Query (Issue) Started By: - gurmukh kotwani Dated:- 17-12-2013 Last Reply Date:- 21-12-2013 VAT + CST<br>Got 1 Reply<br>VAT / Sales Tax<br>1. De....
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....aler Claims input credit for goods purchased locally in Delhi. There are certain damages and pilferage, within reasonable limits, as peculiar to the nature of business. Whether dealer is required to....
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.... reverse input credit in respect of normal damages pilferage ? 2.Goods are transferred to Delhi branch from Mumbai head office against "F" forms. There are certain damages and pilferage, within reas....
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....onable limits, as peculiar to the nature of business. What should be treatments for damages pilferage especially keeping in view that goods were transfer to Delhi against "F" form and no input credi....
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....t was claimed ? Reply By Pradeep Khatri: The Reply: Dear Gurmukh, If the pilferage and damages are within the Industry Norms and are normal, then, such incidence can be ignored but if there are abn....
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....ormalities then you would have to reverse the Input Tax Credit and amount of the Form F would be shrunk to that extent. Regards, Team YAGAY & SUN (Indirect Tax Consultants)<br> Discussion Forum - K....
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....nowledge Sharing ....