TMI BlogGST on damaged machineryX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, there is fire in factory and some machineries are damaged. 5 machines purchased before GST and 3 machines purchased after GST. What will be tax implication if I received compensation from insurance co. Whether I need to reverse input credit on machinery purchased in Excise and GST regime. - Reply By Shilpi Jain - The Reply = GST will not be applicable on the insurance claim received. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case no credit is transitioned in to GST relating to the machinery purchased during Excise regime, credit reversal will not be required. W.r.t. the machinery purchased in GST regime reversal of credit would be required. However. in case machinery can fetch any scrap value on sale then no credit reversal would be required. - Reply By KARAN VERMA - The Reply = Thank you madam, I m satisfied wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h yout all above views. But in last, if we realised any scrap value, then why not input reversal required. - Reply By KASTURI SETHI - The Reply = If you have taken credit, you will clear scrap of machinery on payment duty. If credit has not been, duty already paid at the time of purchase of machinery. - Reply By Ganeshan Kalyani - The Reply = ITC to be reversed u/s 17(5) - (h) goods lost, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stolen, destroyed , written off or disposed. And, there is no GST on insurance claim. - GST on damaged machinery - Query Started By: - KARAN VERMA Dated:- 3-3-2021 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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