Jay Chemical Industries Ltd ., In re
Date: October 14, 2020
Subject Matter
ITC needs to be reversed on inputs consumed in manufacture of dye intermediates which have been destroyed in fire
Summary
Question- Whether the Company is required to reverse input tax credit on inputs consumed in dye intermediates (which is also a finished goods), where such goods have been destroyed in fire? A) Since the said inputs and capital goods have been used in…
M/s Jay Chemical Industries Ltd., is a company registered in the State of Gujarat, having GSTIN 24AAACJ7628J1ZG and principal place of business at Jay House, Panchvati Circle, Ambawadi, Ahmedabad-380006, Gujarat (herein after referred to as the “applicant” or the “company” for the sake of brevity) is engaged in manufacturing and marketing of dyes and dye intermediates. The…