vat on goods destroyed by fire.
This query is : Resolved
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- TDS on purchase of under construction property from a reseller
- Tax rate change regarding
- Salary from Qatar in Dollars in India
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
