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Insurance claim Received from Freight Forwarder
Is GST applicable on Insurance claim received from freight forwarder as per agreement
Replies (4)
In insurance contracts gst is levied on insurance premium.
whether gst will apply on insurance claim as well is a subject matter of interpretation. if we read meaning of supply in gst law it is leading to conclude that gst may apply.
but still i cant say with certainity.
whether gst will apply on insurance claim as well is a subject matter of interpretation. if we read meaning of supply in gst law it is leading to conclude that gst may apply.
but still i cant say with certainity.
Insurance claim received is not against Insurance Policy taken, it is against freight agreement with Safe express Pvt Ltd for minor damages in transit
In such case it will definitely be a taxable supply and you will have to charge gst.
the cmail amount received will be inclusive of tax.
tax will be 18/118*claim amount
the cmail amount received will be inclusive of tax.
tax will be 18/118*claim amount
Actionable claims other than lottery betting are not supply as per schedule 3
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