HOW TO SHOW IN GST ABOUT THE INSURNACE CLAIM RECEIVED ON STOCK LYING IN THE GODOWN


MADDIRALA SUNIL KUMAR (ACCOUNTANT)     18 October 2019

MADDIRALA SUNIL KUMAR
ACCOUNTANT 
 1 likes  30 points

| My Other Post

I AM  RUNNING CHILLIES BUSINESS  AND PURCHASED CHILLIES FROM UNREGISTERED DEALERS(from farmers) DUE TO PURCHASE OF AGRICULTURAL PRODUCT FROM FARMERS GST IS EXEMPTED ON PURCHASE. ONE DAY WHEN I KEPT MY STOCK IN GODOWN THERE WAS A HEAVY FLOOD AND STOCK WAS DAMAGED DUE TO THIS I CLAIMED INSURANCE AND I GOT INSURANCE AMOUNT.

HERE MY QUESTION IS HOW I SHOW IN BOOKS OF ACCOUNTS & GST  ABOUT INSURANCE CLAIMED AMOUNT AND CAN ANY ONE EXPLAIN HOW TO POST THE ENTRY IN BOOKS ?

avater

Santosh Kulkarni (Consultant)     18 October 2019

Santosh Kulkarni
Consultant 
 32 points

View Profile | My Other Post

Amount of compensation received towards loss suffered needs to be adjusted against in the inventory ( Write off inventory to the extent of claim received, if the loss is more than the compensation received) .  

Question of GST will not arise here. Hence, no disclosure in the returns concerned for the period needs to be made.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »