https://www.taxtmi.com/forum/issue?id=115191 Insurers generally indemnify the value of damaged goods but not the GST on a supply that was not completed; suppliers must reverse input tax credit for lost or damaged goods and record the reversal in GST receivable/tax accounts. Claiming reimbursement from insurers for the ITC component may be possible where ITC has been reversed, but taxpayers must avoid double recovery and should notify the tax authorities when making such insurance claims involving tax-bearing inputs. en-us Tue, 16 Jul 2019 15:20:23 +0530 Thu, 23 Jan 2025 15:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=115191 Insurers generally indemnify the value of damaged goods but not the GST on a supply that was not completed; suppliers must reverse input tax credit for lost or damaged goods and record the reversal in GST receivable/tax accounts. Claiming reimbursement from insurers for the ITC component may be possible where ITC has been reversed, but taxpayers must avoid double recovery and should notify the tax authorities when making such insurance claims involving tax-bearing inputs. Discussion-Forum GST Tue, 16 Jul 2019 15:20:23 +0530 https://www.taxtmi.com/forum/issue?id=115191