Non-Reversal of ITC on Goods Lost in the Manufacturing Process: Legal Perspectives and Draft Reply under GST

The article discusses the legal perspectives and draft reply under GST for the non-reversal of input tax credit (ITC) on goods lost during the manufacturing process. The GST framework mandates the reversal of ITC in certain cases, but there are exceptions and specific conditions under which ITC can be retained. The discussion emphasizes the need for a clear understanding of GST provisions to avoid disputes and ensure compliance.