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Insurance claim received without GST

645 views 5 replies

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.

Replies (5)
normally the insurance co. will disburse the taxable amount itself unless otherwise specified in the terms n conditions of the contract........
Depends on contract terns
You have reverse the ITC attributable to Goods Lost
U need to reverse as per 17(5)(h) that is why insurance co shud give gst money also as it is cost bt still insurance claim depends on many factors

how will come to know the figure of ITC attributable to stolen goods.


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