Case Law Details
Case Name : In re Geekay Wires Limited (GST AAR Telangana)
Appeal Number : TSAAR Order No.15/2023
Date of Judgement/Order : 02/09/2023
Related Assessment Year :
Courts :
AAR Telangana Advance Rulings
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In re Geekay Wires Limited (GST AAR Telangana)
The GST AAR Telangana has recently addressed key questions raised by M/s. Geekay Wires Limited regarding the eligibility of input tax credit (ITC) in situations involving destroyed raw materials and finished goods. T
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In all the cases, ITC is required to be reversed, as per Advance Ruling. There were CESTAT judgements, wherein it was held that once the inputs are used in the process and finished goods were destroyed thereafter, there is no need for reversal of CENVAT credit.
The advance ruling is contradictory to CESTAT judgements. Better not to opt for advance rulings.