https://www.taxtmi.com/forum/issue?id=116508 When goods bought ex factory are damaged in transit, GST is levied on the taxable supply of those goods at the actual sale consideration (including a reduced sale price). Insurance payments received as compensation for loss in value, particularly when paid exclusive of GST, are not themselves taxable supplies. Input tax credit cannot be recovered through the insurance claim amount and GST consequences follow the buyer's ITC position and the character of any price reduction made by the seller. en-us Wed, 24 Jun 2020 15:16:22 +0530 Thu, 23 Jan 2025 15:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116508 When goods bought ex factory are damaged in transit, GST is levied on the taxable supply of those goods at the actual sale consideration (including a reduced sale price). Insurance payments received as compensation for loss in value, particularly when paid exclusive of GST, are not themselves taxable supplies. Input tax credit cannot be recovered through the insurance claim amount and GST consequences follow the buyer's ITC position and the character of any price reduction made by the seller. Discussion-Forum GST Wed, 24 Jun 2020 15:16:22 +0530 https://www.taxtmi.com/forum/issue?id=116508