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GST applicable on damaged bus, Goods and Services Tax - GST

Issue Id: - 117047
Dated: 1-3-2021
By:- KARAN VERMA
GST applicable on damaged bus

  • Contents

Sir, bus of company is fully destroyed and insurance company gives consideration ₹ 10 lakhs out which profit is ₹ 3 lakhs after reducing WDV of bus as per Income Tax Act.

Whether GST required to paid on profit on damaged bus.

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Posts / Replies

Showing Replies 1 to 3 of 3 Records

1 Dated: 2-3-2021
By:- Shilpi Jain

If the money is received for settlement of the insurance claim, no GST would be liable. Only if there is a supply there would be a liability of GST.


2 Dated: 2-3-2021
By:- DR.MARIAPPAN GOVINDARAJAN

Agreed. There is no GST liability.


3 Dated: 2-3-2021
By:- KASTURI SETHI

I support the views of both experts. This very amount is compensation and compensation is not income/consideration. It is actionable claim and covered under Schedule-III.


1

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