TaxTMI 
TaxTMI 
whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire
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....hether Vat is payable on Insurance Claim received for stock damaged and burnt in fire<br> Query (Issue) Started By: - Esha Bal Dated:- 11-2-2019 Last Reply Date:- 12-2-2019 VAT + CST<br>Got 1 Reply<br....
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....>VAT / Sales Tax<br>VAT is payable only in respect of consideration received on transfer of property in goods viz. 'sale' as defined under the VAT Act. Settlement of insurance claim by the in....
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....surance company cannot said to be transfer of ownership and thus no VAT is payable. However any input tax credit availed in respect of the stock damaged should be reversed. CAN I HAVE THE RELEVANT SE....
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....CTION OR CASE LAWS FOR THE SAME. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Insurance compensation is not liable to VAT since it is not for consideration.<br> Discussion Forum - Knowledge Sharin....
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