Vat on insurance claim received on purchase against c form
This query is : Resolved
19 July 2012
A machine was purchased on 01-01-1998 of Rs 3588911 against C form (2% CST) which was used in business for business purpose and depreciation is duly charged on it.
On 25-05-2005 this machine was damaged and a claim amount of rs 2200000 was received from Insurance Co.
Is the company liable to pay CST/VAT on received of Insurance Claim Received.
On 25-05-2005 this machine was damaged and a claim amount of rs 2200000 was received from Insurance Co.
Is the company liable to pay CST/VAT on received of Insurance Claim Received.
19 July 2012
NO COMPANY NOT LIABLE TO PAY CST/VAT ON RECEIVED OF INSURANCE CLAIM .
19 July 2012
but sir the sales tax dept. said that the amount so received will be treated as sales because we purchase it against C form.
Sir if u have any case law or any provisions regarding this please mention it. Thanks.
Sir if u have any case law or any provisions regarding this please mention it. Thanks.
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