During lock down period premises remain locked and thereby due to seepage and termite capital goods got damaged. Now owner decided to close the business. Whether credit of input tax credit taken on capital goods 3 year be for need to be reveres ed.
Frah Saeed Answered question September 8, 2020
Yes same needs to be reversed being goods written off u/s 17(5) of the CGST Act. Otherwise in case the goods were not damaged and sold at time of closure, GST would have been paid on the outward supply.
Team Clearmytax.in
Frah Saeed Answered question September 8, 2020