TMI BlogTREATMENT OF GST ON INSURANCE CLAIMSX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 complet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ? - Reply By KASTURI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SETHI - The Reply = 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 con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration hence not taxable. - 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, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n your B/S this compensation 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. - TREATM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ENT OF GST ON INSURANCE CLAIMS - Query Started By: - ROHIT GOEL Dated:- 23-10-2020 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
