ITC By insurance company
21 February 2020
We are verifying the records of insurance company .
1.In case when a car or truck mets with an accident the company pays the claim amount to the authorised service centre and claims the input of gst paid. Is it ok or there is some issue.
2.If the payment is made to the authorised serive centre by the insured. and the insurance company latter on pays it to the inurer can then also ITC is eligible. When the payment is made by the insurer the bills are in the name of insurer and not the insurance company.
3. Suppose the bill paid by insurer is Rs 6. lacs and as per surveyor it is Rs 4 lacs in his final report surveyor calculates the GST and that amount is paid to insurer and GST as shown in surveyor report is claimed as ITC.
Kinldy guide whether the process followed has some issue