https://www.taxtmi.com/circulars?id=67713 Where an insurance contract provides for deduction of salvage/wreck value from the claim (deductible), ownership of the wreckage remains with the insured and the insurer has no GST liability on that deducted value; however, if the insurer settles the full insured declared value without deducting salvage, the salvage vests in the insurer and the insurer must discharge GST on disposal or sale of the salvage. en-us Thu, 04 Jul 2024 00:00:00 +0530 Mon, 05 Aug 2024 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=67713 Where an insurance contract provides for deduction of salvage/wreck value from the claim (deductible), ownership of the wreckage remains with the insured and the insurer has no GST liability on that deducted value; however, if the insurer settles the full insured declared value without deducting salvage, the salvage vests in the insurer and the insurer must discharge GST on disposal or sale of the salvage. Circulars GST - States Thu, 04 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67713