GST applicable on damaged bus

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....ST applicable on damaged bus<br> Query (Issue) Started By: - KARAN VERMA Dated:- 1-3-2021 Last Reply Date:- 2-3-2021 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>Sir, bus of company is full....

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....y destroyed and insurance company gives consideration &#8377; 10 lakhs out which profit is &#8377; 3 lakhs after reducing WDV of bus as per Income Tax Act. Whether GST required to paid on profit on d....

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....amaged bus. Reply By Shilpi Jain: The Reply: If the money is received for settlement of the insurance claim, no GST would be liable. Only if there is a supply there would be a liability of GST. Rep....

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....ly By DR.MARIAPPAN GOVINDARAJAN: The Reply: Agreed. There is no GST liability. Reply By KASTURI SETHI: The Reply: I support the views of both experts. This very amount is compensation and compensat....

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....ion is not income/consideration. It is actionable claim and covered under Schedule-III.<br> Discussion Forum - Knowledge Sharing ....