https://www.taxtmi.com/forum/issue?id=754 VAT is chargeable only where consideration is received for transfer of property in goods; an insurance settlement for lost or destroyed stock is not a transfer of ownership and thus not subject to VAT. However, input tax credit claimed on the damaged stock is commonly disallowed under many State VAT provisions for goods not sold due to loss or destruction, and any ITC already availed should be reversed or adjusted, although practitioners debate limited exceptions where inputs entered a manufacturing stream. en-us Thu, 24 Apr 2008 12:30:15 +0530 Thu, 23 Jan 2025 15:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=754 VAT is chargeable only where consideration is received for transfer of property in goods; an insurance settlement for lost or destroyed stock is not a transfer of ownership and thus not subject to VAT. However, input tax credit claimed on the damaged stock is commonly disallowed under many State VAT provisions for goods not sold due to loss or destruction, and any ITC already availed should be reversed or adjusted, although practitioners debate limited exceptions where inputs entered a manufacturing stream. Discussion-Forum VAT / Sales Tax Thu, 24 Apr 2008 12:30:15 +0530 https://www.taxtmi.com/forum/issue?id=754