TREATMENT OF GST ON INSURANCE CLAIMS

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... TREATMENT OF GST ON INSURANCE CLAIMS
Query (Issue) Started By: - ROHIT GOEL Dated:- 23-10-2020 Last Reply Date:- 28-10-2020 Goods and Services Tax - GST
Got 4 Replies
GST
Dear Sirs, One .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 fixe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d 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 ? Reply By KASTURI SETHI: The Reply: .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... In this scenario, such compensation is not income/consideration and hence GST is not applicable. This is my view. Reply By Ganeshan Kalyani: The Reply: Yes it is not a consideration hence not tax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... able. Reply By YAGAY andSUN: The Reply: 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... received will be treated as current asset. Reply By Himansu Sekhar: The Reply: There will no no GST on the same because you have not taken ITC on the same.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X