Whether GST to be paid by recepient of Insurance Claim

[anuja bhandari]

The taxpayer is registered under GST, in the business of transportation. His truck was damaged in an accident. Truck was purchased pre GST. Insurance Company paid 7 lacs, truck purchase value was 10 lac. Whether GST to be paid on 7 lacs received by truck owner?

AI Summary

No GST on Insurance Claims for Trucks Bought Before July 1, 2017, Says Respondent; Clarification Sought A transportation business owner whose truck was damaged in an accident received a 7 lakh insurance claim. The truck was purchased before the implementation of GST. The query was whether GST should be paid on the insurance claim amount. One respondent stated that there is no need to pay GST on the insurance claim for a truck purchased before July 1, 2017. Another respondent requested further clarification and supportive information for the response.