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GST on Insurance claim received, Goods and Services Tax - GST

Issue Id: - 114372
Dated: 3-12-2018
By:- Sharmila P
GST on Insurance claim received

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I am a registered person under GST. My goods were lost by fire. With regard to this, I received an insurance claim from the insurer. Should i charge GST on the claim received by me from the insurer? what are input tax credit implications if i have availed ITC on the premium paid?

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Showing Replies 1 to 2 of 2 Records

1 Dated: 3-12-2018
By:- CASusheel Gupta

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 Dated: 4-12-2018

I endorse the views of Sri Susherl.


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