Insurance claims recceived
This query is : Resolved
CA Suresh Jain
(Querist)
11 April 2018
What should be the treatment of Insurance claim received on account of :
1. cost of Goods lost in fire, theft, flood or riot etc.
2. cost of repairing of building, furniture, motor vehicle
3. cost of vehicle lost or other moveable capital goods lost
Is claim filed an actionable claim or it is a supply of servie/goods or not a supply at all ?
1. cost of Goods lost in fire, theft, flood or riot etc.
2. cost of repairing of building, furniture, motor vehicle
3. cost of vehicle lost or other moveable capital goods lost
Is claim filed an actionable claim or it is a supply of servie/goods or not a supply at all ?
Guest
Guest
(Expert)
11 April 2018
Claim received is not a consideration for any services rendered therefore GST is not applicable.
CA Suresh Jain
(Querist)
11 April 2018
@ CA Mr. Somil - Is it not an actionable claim?
Guest
Guest
(Expert)
11 April 2018
It is a contractual obligation to pay.Ya can say that it is an actionable claim.
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