Question ID :
39228
GST
Dear Sir,
Our client car has meet with an accident and for its make up Rs 300000/- were incurred and later on We have received the amount from insurance company do we have to pay tax on Insurance Claim Received.
Posted by
VIPIN GUPTA
on
Jun 21, 2019
Filed Under
GST
No need to charge GST on claim received.
Posted by
CA PRADEEP C B on
Jun 21, 2019
Answer ID :
78886
No GST is not applicable on amount of insurance claim received. Service provider will charge GST on insurance claim, if he is registered under GST.
Posted by
CA. chunauti dholakia on
Jun 21, 2019
Answer ID :
78889
no. the insurance claim is to offset the loss on a/c of the accident. if the expense is debited to the P&L a/c, then the insurance claim also has to be credited to the P&l a/c
Posted by
CA. VENKITARAMAN K V on
Jun 21, 2019
Answer ID :
78903
Not required
Posted by
Mohit Singhal on
Jun 23, 2019