Gst treatment on goods lost and insurance claim

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santosh (Querist)
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09 September 2018 Dear Experts

Iam working in an FMCG Company, recently due to floods in kerala our sock in our branch office cochin has been destroyed and they are not usable and we are claiming the insurance on the destroyed goods, i want to know the procedure under gst to be follwed for reversal of input tax credit or what are the implications of gst in these situations, kindly guide me.

Thanks in advance

Regards
A V Santosh kumar

Rajesh Kumar

Rajesh Kumar (Expert)
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09 September 2018 ITC shall be reversed. No other implication in GST.
Insurance claimed amount should include the GST paid on such goods.

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