GST applicable on damaged bus

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..... 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 requ .....

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..... ired to paid on profit on damaged bus. - Reply By Shilpi Jain - The Reply = If the money is received for settlement of the insurance claim, no GST would be liable. Only if there is a supply there wo .....

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..... uld be a liability of GST. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = Agreed. There is no GST liability. - Reply By KASTURI SETHI - The Reply = I support the views of both experts. This v .....

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..... ery amount is compensation and compensation is not income/consideration. It is actionable claim and covered under Schedule-III . - GST applicable on damaged bus - Query Started By: - KARAN VERMA D .....

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..... ated:- 1-3-2021 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxma .....

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..... nagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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