We have supplied goods on door delivery basis, but goods were damaged in transit due to accident. Now we are submitting our insurance claim GST paid by us. Please share your views on below queries.
1. Are we need to claim GST also? (Rs. Taxable value ₹ 100+ GST ₹ 18 = ₹ 118)
2. let know how to treat GST in returns and books
Debate on GST Inclusion in Insurance Claims for Damaged Goods During Transit: Clarifying ITC Reversal and Double Benefits A company faced goods damage during transit and is seeking insurance claims, raising questions about GST treatment. Participants in the forum discuss whether GST should be included in the insurance claim. One view suggests claiming the entire amount, including GST, as ITC on damaged goods might be disallowed. Others argue that GST should not be claimed since the transaction wasn't completed, and insurance should cover only the goods' value. Some advise reversing ITC claimed on damaged goods and suggest that the insurance company might cover the reversed ITC if shown relevant legal provisions. The consensus is that double benefits, such as claiming both ITC and insurance, are not permissible. (AI Summary)
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