Department loses battle against ITC reversal on Manufacturing Loss
In taxation, the dispute regarding availability of credit on ‘manufacturing loss’ have existed for long. The issue has now opened its wings in GST as well. The authorities do not place importance for reason of loss / destruction of goods and demands ITC reversal for loss / destruction in course of manufacturing process.
Through this article, Our Partner, Mr. Deepak Suneja, Managing Associate, Ms. Neha Jain and Associate, Ms. Swati Goyal have examined the issue in detail and have shared their thoughts on recent ruling of Madras High Court in case of ARS Steels and Alloy International.
Please click on the below link to read our latest article titled “Department loses battle against ITC reversal on Manufacturing Loss“.