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

Clarification on taxability of salvage/wreck value earmarked in the claim assessment of the damage caused to the motor vehicle https://www.taxtmi.com/circulars?id=67754 GST on salvage/wreck value hinges on ownership and the presence of a supply. If the insurer deducts salvage value as a pre agreed deductible under the contract, ownership remains with the insured and the insurer has no GST liability on that salvage. If the insurer pays full IDV without deducting salvage, the salvage vests in the insurer and the insurer must discharge GST on its disposal or sale. en-us Tue, 30 Jul 2024 00:00:00 +0530 Fri, 23 Aug 2024 18:17:00 +0530 TaxTMI RSS Generator Clarification on taxability of salvage/wreck value earmarked in the claim assessment of the damage caused to the motor vehicle https://www.taxtmi.com/circulars?id=67754 GST on salvage/wreck value hinges on ownership and the presence of a supply. If the insurer deducts salvage value as a pre agreed deductible under the contract, ownership remains with the insured and the insurer has no GST liability on that salvage. If the insurer pays full IDV without deducting salvage, the salvage vests in the insurer and the insurer must discharge GST on its disposal or sale. Circulars GST - States Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67754