Clarification on taxability of salvage/ wreck value earmarked in the claim assessment of the damage caused to the motor vehicle -reg.

Clarification on taxability of salvage/ wreck value earmarked in the claim assessment of the damage caused to the motor vehicle -reg. https://www.taxtmi.com/circulars?id=67585 GST attaches only where a supply exists. If the insurer deducts salvage/wreck value from the claim (per contract), ownership of salvage remains with the insured and no GST liability arises for the insurer. If the insurer pays full claim amount without deducting salvage so that salvage vests in the insurer, the insurer must discharge GST on disposal or sale of the salvage. en-us Wed, 26 Jun 2024 00:00:00 +0530 Fri, 28 Jun 2024 17:42:00 +0530 TaxTMI RSS Generator Clarification on taxability of salvage/ wreck value earmarked in the claim assessment of the damage caused to the motor vehicle -reg. https://www.taxtmi.com/circulars?id=67585 GST attaches only where a supply exists. If the insurer deducts salvage/wreck value from the claim (per contract), ownership of salvage remains with the insured and no GST liability arises for the insurer. If the insurer pays full claim amount without deducting salvage so that salvage vests in the insurer, the insurer must discharge GST on disposal or sale of the salvage. Circulars GST Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67585