https://www.taxtmi.com/forum/issue?id=117057 Insurance proceeds in respect of destroyed machinery are not subject to GST. No reversal of input tax credit is required for machines acquired pre-GST if no transitional credit was availed. For machines purchased under GST where input tax credit was claimed, input tax credit reversal is required for goods destroyed, lost, or written off. Realisation of scrap value can obviate or adjust the need for reversal; where credit was taken, scrap must be cleared on payment of duty. en-us Wed, 03 Mar 2021 01:00:27 +0530 Thu, 23 Jan 2025 15:54:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117057 Insurance proceeds in respect of destroyed machinery are not subject to GST. No reversal of input tax credit is required for machines acquired pre-GST if no transitional credit was availed. For machines purchased under GST where input tax credit was claimed, input tax credit reversal is required for goods destroyed, lost, or written off. Realisation of scrap value can obviate or adjust the need for reversal; where credit was taken, scrap must be cleared on payment of duty. Discussion-Forum GST Wed, 03 Mar 2021 01:00:27 +0530 https://www.taxtmi.com/forum/issue?id=117057