CENVAT TAKEN TO BE REVERSED ON INSURANCE CLAIM
Query (Issue) Started By: – SAFETAB LIFESCIENCE Dated:- 31-3-2018 Last Reply Date:- 31-3-2018 Goods and Services Tax – GST
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GST
Dear Experts,
A company's Raw Materials got damaged/lost due to fire accident in August, during GST regime. The materials purchased prior to July and Cenvat availed got fired and totally lost.
Now, they are about to get insurance claim and insurance company insisting to reverse the input duty (Cenvat) availed for the materials which got fired and lost totally.
What amount they have to reverse ? Availed 12 % Excise Duty amount (or) 18% GST amount which being the present Tax structure for the said commodity lost. How, the duty can be revers
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