Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Circular clarifies that insurance companies are not liable to pay GST on salvage/wreck value deducted from claim settlement amount, as salvage remains property of insured. However, if claim settled without salvage deduction, salvage becomes property of insurer who must discharge GST on subsequent supply. For total loss cases where salvage deducted from claim amount as per policy terms, no GST payable by insurer on salvage value as ownership remains with insured. For claims settled at full insured value without salvage deduction, salvage ownership transfers to insurer necessitating GST payment on eventual sale.
Circular clarifies that insurance companies are not liable to pay GST on salvage/wreck value deducted from claim settlement amount, as salvage remains property of insured. However, if claim settled without salvage deduction, salvage becomes property of insurer who must discharge GST on subsequent supply. For total loss cases where salvage deducted from claim amount as per policy terms, no GST payable by insurer on salvage value as ownership remains with insured. For claims settled at full insured value without salvage deduction, salvage ownership transfers to insurer necessitating GST payment on eventual sale.
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