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of <h1>GST Clarification: Insurance Salvage Value and Tax Implications Explained for Motor Vehicle Claims Under New Directive.</h1> The circular clarifies the GST implications on salvage or wreck value in motor vehicle insurance claims. When insurance companies deduct salvage value from the claim amount, the salvage remains the property of the insured, and no GST is applicable. Conversely, if the claim is settled for the full Insured Declared Value without deducting salvage value, the salvage becomes the insurance company's property, and they must discharge GST upon its sale. The directive ensures consistent application of GST laws across field formations, addressing concerns from trade and field formations regarding this issue.
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