treatment of gst on insurance claim received
Sabita Sahoo (622 Points)
19 April 2019
200 bags of cement got damaged by flood on which ITC have already been availed.Now insurance company accepted claim of 150 bags and give credit settlement inclusive gst.I have reversed the corresponding ITC of 200 bags due to damage.What about ITC on insurance claim received and corresponding output tax?
CAclubindia
