I have a query what is the implication of insurance claim recd in respect of the goods and fixed assests destroyed during 2016 But claim is recd in Sep.17
1. Whether any reversal of ITC. If yes then how it is to be calculated and reversed
2. Where it is be shown in i.e. in which column of GSTR 9 and 9C.
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GST impact in case of Insurance Claim Recd
Replies (1)
No there will be no ITC reversal. As the claim filed was in Fy 2016-17 .
Entry In Books of Account : FY 2016-17
Insurance Co. Dr
To Stock ...........Cr
Entry In Books of Account : Fy 2017-18
Bank A/C. Dr
To insurance co. Cr.
Entry In Books of Account : FY 2016-17
Insurance Co. Dr
To Stock ...........Cr
Entry In Books of Account : Fy 2017-18
Bank A/C. Dr
To insurance co. Cr.
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