Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 
Discussions Forum
Home Forum Goods and Services Tax - GST This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

TREATMENT OF GST ON INSURANCE CLAIMS, Goods and Services Tax - GST

Issue Id: - 116809
Dated: 23-10-2020
By:- ROHIT GOEL
TREATMENT OF GST ON INSURANCE CLAIMS

  • Contents

Dear Sirs,

One of our client is running an educational institution and is registered in GST because of rental income received in same PAN. Now assessee has received an insurance claim against complete loss of a fixed asset and it is relevant to mention that no input tax credit has been claimed on the purchase of such assets. Whether insurance claim recieved is taxable in GST ?

Post Reply

Posts / Replies

Showing Replies 1 to 4 of 4 Records

1 Dated: 23-10-2020
By:- KASTURI SETHI

In this scenario, such compensation is not income/consideration and hence GST is not applicable. This is my view.


2 Dated: 23-10-2020
By:- Ganeshan Kalyani

Yes it is not a consideration hence not taxable.


3 Dated: 24-10-2020
By:- YAGAY andSUN

Being compensation in nature against the Fixed Asset loss, therefore, cannot be treated at par with the consideration. However, in your B/S this compensation received will be treated as current asset.


4 Dated: 28-10-2020
By:- Himansu Sekhar

There will no no GST on the same because you have not taken ITC on the same.


1

Post Reply

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||