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of <h1>Insurance companies liable for GST on salvage value only when wreckage becomes their property after full claim settlements</h1> The Delhi State Tax Department issued a circular clarifying GST liability on salvage/wreck value in motor vehicle insurance claims, adopting the Central Board's guidance. When insurance companies deduct salvage value from claim settlements per contract terms, the wreckage remains the insured's property and no GST applies to the insurance company. However, when claims are settled at full value without salvage deductions, the wreckage becomes the insurance company's property, making them liable for GST on its disposal or sale.
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