• Are we liable to pay input tax on damaged goods

We are a firm registered under UPVAT (Uttar Pradesh).Sir in past year we had a major fire accident at our main selling point where goods of around 1 crore destroyed.Sir now as assessment proceeding are under process , STO is asking us to deposit Input tax credit that we availed on above goods amounting to Rs 13 lacs.As after that accident we are facing huge financial crisis and are not in position to deposit such huge amount .Hence require advise to how to cope up with this situation.
Asked 10 months ago in Taxation from Aligarh, Uttar Pradesh

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Tax Lawyers

Kiran N. Murthy
Advocate, Bangalore
765 Answers
51 Consultations
5.0 on 5.0
Niranjan
Advocate, Bangalore
2 Answers
0 Consultations
Not rated