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treatment of gst on insurance claim received
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?
Replies (2)
1) You need to reverse the ITC taken on goods destroyed.
2) No need to charge GST on claim received
3) ITC on premium paid can be availed.
2) No need to charge GST on claim received
3) ITC on premium paid can be availed.
Will the insurance company pay me the full amount of the goods that have been destroyed? What is approximately the rate of interest they will pay me?
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