https://www.taxtmi.com/circulars?id=67702 Where an insurance contract deducts salvage/wreck value from the claim, the salvage remains the insured's property and that deduction is not consideration for a supply by the insurer, so the insurer has no GST liability on the earmarked salvage. Conversely, if the insurer settles the full insured amount without deducting salvage, ownership of the salvage vests in the insurer and any subsequent disposal by the insurer is a taxable supply subject to GST. en-us Mon, 08 Jul 2024 00:00:00 +0530 Tue, 30 Jul 2024 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=67702 Where an insurance contract deducts salvage/wreck value from the claim, the salvage remains the insured's property and that deduction is not consideration for a supply by the insurer, so the insurer has no GST liability on the earmarked salvage. Conversely, if the insurer settles the full insured amount without deducting salvage, ownership of the salvage vests in the insurer and any subsequent disposal by the insurer is a taxable supply subject to GST. Circulars GST - States Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67702