Reversal of ITC for goods damaged in Kerala Flood
The people affected by the flood is yet to recover from the loss by flood. The Deputy Commissioner of Mattancherry has issued the instruction to the officers regarding the reversal of ITC. Under the provisions of the GST Act, ITC must be reversed for the destroyed goods u/s 17(5)(h) of CGST Act. The instruction was regarding the Reversal of ITC for goods damaged in Kerala Flood. Also, the officers are instructed to send the notices for reporting the damage and reversing the ITC with the interest.
