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of <h1>Goa GST Act Clarifies Tax on Salvage Value in Motor Insurance Claims: GST Applies Only if Salvage Becomes Insurer's Property.</h1> The circular clarifies the taxability of salvage or wreck value in motor vehicle insurance claims under the Goa Goods and Services Tax Act, 2017. It states that if an insurance company deducts salvage value from the claim amount, the salvage remains the insured's property, and no GST is applicable. However, if the claim is settled at the full insured declared value without deducting salvage, the salvage becomes the insurance company's property, and GST must be paid upon its disposal. This directive ensures uniform implementation of the GST provisions across the state of Goa.
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