In a manufacturing unit there is a major fire and entire factory is fade away.
Is there any statutory requirement to intimate GST department ??
Is my understanding correct that we have to reverse the GST on stock and plant & machinery that is burned in fire ??
What will be impact of GST when insurance claim received.
Yes, has to reverse itc on destroyed stock and proportionately on plant and machinery by reducing percentage points.
And there is no any GST liability on Insurance claim received.
CAclubindia
