If goods sold is lost during transit. We logged claim with insurance company. Insurance company settled the same without GST. What treatment be made in respect of GST portion which was not received from insurance co. Please guide.
Example.
GOODS VALUE RS. 100000/-
GST PORTION (IGST) RS.5000/-
TOTAL INVOICE VALUE RS. 105000/-
INSURANCE COMPANY SETTLED THE CLAIM WITH RS. 100000/- ONLY WITHOUT GST.
how will come to know the figure of ITC attributable to stolen goods.
S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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CCI
Pro
CAclubindia
