Loss of Goods in Flood and insurance claim

Hi Friends, 

In one of our showroom due to flood we incurred loss of goods. Later received insurance claim. What will be GST impact? 

On loss of goods do we need to reverse GST? Or on receipt of Insurance we need to do something?

Replies (2)
Quick Summary
This discussion addresses the Goods and Services Tax (GST) implications following a flood that caused loss of goods in a showroom. The main query revolves around whether GST needs to be reversed on the lost goods or if any adjustments are required upon receiving an insurance claim. Participants are seeking clarity on ITC (Input Tax Credit) reversal and alternative approaches like treating damaged goods as scrap sales.

You should reverse the ITC
No gst in insurance claim received.
I have made planning in 10 cases. shown scrap sales and not reversed ITC. can guide anybody.

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