Home Forum Goods and Services Tax - GST Month 7 2020 2020 (7) This
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Material Return back & insurance co. - Goods and Services Tax - GSTExtract We had taken ITC on R/M @ 18% and dispatch finished goods to customer. In transit, the goods was damaged and return to plant and we issue credit note and reverse our Output Tax Liability. After survey by insurance company it was decided to sale these goods as it is on scrap @ 5%. Now we pay GST @ 5% on scrap value. and the Rest amount received us without GST from insurance company after deduction as per insurance policy. Question :-1 . Whether we have reverse credit taken on Raw Material ? If yes How much i.e. on Scrap Qty. or balance Qty. or proportionate Amount received from Insurance Co. ? 2. Whether money received from Insurance Company liable to GST?
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