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whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire, Value Added Tax - VAT-CST

Issue Id: - 114608
Dated: 11-2-2019
By:- Esha Bal
whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire

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VAT is payable only in respect of consideration received on transfer of property in goods viz. 'sale' as defined under the VAT Act. Settlement of insurance claim by the insurance company cannot said to be transfer of ownership and thus no VAT is payable. However any input tax credit availed in respect of the stock damaged should be reversed.

CAN I HAVE THE RELEVANT SECTION OR CASE LAWS FOR THE SAME.

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1 Dated: 12-2-2019
By:- DR.MARIAPPAN GOVINDARAJAN

Insurance compensation is not liable to VAT since it is not for consideration.


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