GST on Insurance claim received, Goods and Services Tax - GST

[Sharmila P]

I am a registered person under GST. My goods were lost by fire. With regard to this, I received an insurance claim from the insurer. Should i charge GST on the claim received by me from the insurer? what are input tax credit implications if i have availed ITC on the premium paid?

Posts / Replies

[CASusheel Gupta]

1) You need to reverse the ITC taken on goods destroyed.

2) No need to charge GST on claim received

3) ITC on premium paid can be availed.

[DR.MARIAPPAN GOVINDARAJAN]

I endorse the views of Sri Susherl.