Capital Goods on which either VAT or ITC was claimed, were not traceable during physical verification. Therefore, where credit of VAT was claimed, SGST was paid on depreciated value and where ITC was claimed, GST was paid on depreciated value. Sir, in my view since goods were not supplied at depreciated value but were lost / not traceable, the full ITC needs to be reversed and where VAT credit was claimed in the VAT regime, there was no need to pay GST/ reversal of ITC. Is my understanding correct?
Kaustubh Ram Karandikar Asked question August 12, 2021