Applicability of vat on insurance claim

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..... whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire - Reply By V.Ramanujam - The Reply = VAT is payable only in respect of consideration received on transfer of pro .....

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..... perty in goods viz. 'sale' as defined under the VAT Act. Settlement of insurance claim by the insurance company cannot said to be transfer of ownership and thus no VAT is payable. However any input t .....

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..... ax credit availed in respect of the stock damaged should be reversed. - Reply By Madhukar N Hiregange - The Reply = In my view the input tax credit may not always be reversible. The loss is a business .....

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..... loss and was after the same was purchased and whether the same can be said to be used for any other prupose is to be determined. Under central excise it would not be reversible in case the input has .....

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..... entered the manufacturing stream. - Reply By V Ramanujam - The Reply = In number of State VAT Acts, there is a specific provision to the effect taht no input tax credit is available on goods which are .....

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..... not sold because of any loss or destriction, for any reason including natural clamity. If ITC has already been availed, the same should be reversed. - Applicability of vat on insurance claim - Quer .....

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..... y Started By: - Anil Nahata Dated:- 24-4-2008 Value Added Tax - VAT-CST - Got 3 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Man .....

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..... agement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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