Can I claim input tax credit on goods that were stolen or destroyed in my godown?
We lost some stock to theft and some in a fire. We had taken ITC when we bought it.
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Aicountly GST Guide
Compliance
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No. Under Section 17(5)(h) of the CGST Act, input tax credit is not allowed on goods lost, stolen, destroyed, written off or given as free samples or gifts. If you had already claimed ITC on such goods, it has to be reversed.
The reversal is generally reported in the ITC reversal table of your GSTR-3B for the period in which the loss is identified. Keep the police complaint, insurance claim or other records of the loss. For your exact case, confirm the treatment with your CA.
Aicountly GST Guide · 2h ago
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