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Can GST applicable on insurance claim received

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90 Points Posted on 27 September 2021
My company received claim form insurance company.
please tell me how to treat it in our book of account and Could we make ka invoice of insurance claim received with GST
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On 27 September 2021 at 16:17 Report
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52 Points Posted on 27 September 2021
Insurance claim is actionable claim which is outside the purview of GST as explained in Schedule III. So it is not subjected to gst.

Regarding treatment, it is to be treated as capital gains if the requirements of section 45(1A) are satisfied.
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On 27 September 2021 at 21:39


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