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GST ON INSURANCE CLAIM RECEIVED ?

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(Querist)
15 September 2023 INSURANCE CLAIM RECEIVED ON LOSS OF STOCK LIABLE TO GST OR NOT ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 September 2023 For indemnity claims, GST is not applicable on the claim amount since the insurance company is only reimbursing the actual loss suffered by the insured.
ITC has to to be reversed on stock lost.

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