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of <h1>Clarification on GST for Motor Vehicle Insurance: Salvage Value Taxable Only if Insurer Retains It.</h1> The circular clarifies the GST liability on salvage or wreck value in motor vehicle insurance claims. It states that if an insurance company deducts the salvage value from the claim amount, the salvage remains the property of the insured, and the insurance company is not liable for GST on it. However, if the claim is settled at the full Insured Declared Value (IDV) without deducting salvage value, the salvage becomes the insurance company's property, and GST must be paid on its sale. The circular aims to ensure uniformity in GST application across insurance transactions.
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