vat on goods destroyed by fire.
This query is : Resolved
sanjay jaju
(Querist)
06 April 2008
whether under maharashtra vat act, vat is to be paid on goods destroyed by fire on claim received from insurance company. ca. sanjay jaju.
pushpendra
(Expert)
06 April 2008
no. claim from insurance co. is not a sale it is just a compensation for the loss . and in compensation profit margin is not there so no question of value addition .
It is only my opinion pl. check with your consultants also.
It is only my opinion pl. check with your consultants also.
07 April 2008
Yes claim from insurance co. is not a sale it is just a compensation for the loss . and in compensation profit margin is not there so no question of value addition but reverted the credit taken on same input so the revart amount will be charged on the same.
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