My company received claim form insurance company.
please tell me how to treat it in our book of account and Could we make ka invoice of insurance claim received with GST
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Can GST applicable on insurance claim received
Replies (1)
Insurance claim is actionable claim which is outside the purview of GST as explained in Schedule III. So it is not subjected to gst.
Regarding treatment, it is to be treated as capital gains if the requirements of section 45(1A) are satisfied.
Regarding treatment, it is to be treated as capital gains if the requirements of section 45(1A) are satisfied.
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