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TREATMENT OF GST ON INSURANCE CLAIMS
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....REATMENT OF GST ON INSURANCE CLAIMS<br> Query (Issue) Started By: - ROHIT GOEL Dated:- 23-10-2020 Last Reply Date:- 28-10-2020 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Dear Sirs, One o....
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....f our client is running an educational institution and is registered in GST because of rental income received in same PAN. Now assessee has received an insurance claim against complete loss of a fixed....
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.... asset and it is relevant to mention that no input tax credit has been claimed on the purchase of such assets. Whether insurance claim recieved is taxable in GST ? Reply By KASTURI SETHI: The Reply: ....
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.... In this scenario, such compensation is not income/consideration and hence GST is not applicable. This is my view. Reply By Ganeshan Kalyani: The Reply: Yes it is not a consideration hence not taxa....
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....ble. Reply By YAGAY andSUN: The Reply: Being compensation in nature against the Fixed Asset loss, therefore, cannot be treated at par with the consideration. However, in your B/S this compensation r....
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....eceived will be treated as current asset. Reply By Himansu Sekhar: The Reply: There will no no GST on the same because you have not taken ITC on the same.<br> Discussion Forum - Knowledge Sharing ....