whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire

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..... whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire
Query (Issue) Started By: - Esha Bal Dated:- 11-2-2019 Last Reply Date:- 12-2-2019 VAT + CST
Got 1 Reply

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..... r>VAT / Sales Tax
VAT is payable only in respect of consideration received on transfer of property in goods viz. 'sale' as defined under the VAT Act. Settlement of insurance claim by the i .....

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..... nsurance company cannot said to be transfer of ownership and thus no VAT is payable. However any input tax credit availed in respect of the stock damaged should be reversed. CAN I HAVE THE RELEVANT S .....

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..... ECTION OR CASE LAWS FOR THE SAME. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Insurance compensation is not liable to VAT since it is not for consideration.
Discussion Forum - Knowledge Shari .....

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..... ng .....

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