Input credit of GST in Case of Accident claim
Query (Issue) Started By: – Yogesh Ashar Dated:- 3-1-2019 Last Reply Date:- 6-1-2019 Goods and Services Tax – GST
Got 3 Replies
GST
Dear Sir
In case of transporter who is charging GST on forward charge basis @12%, the query is in reference to insurance claim received on accident of truck. The Insurance company settled @75% of the amount. 25% is borne by the transporter. The amount billed by the repairer is in the name of the Company, where he has billed for the total amount.
Queries
1. Whether any GST has to be charged to the Insurance Company and accordingly a tax invoice needs to be raised for the 75% amount settled by the Insurance company
2. Whether full ITC can be claimed b
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9;Consideration' as per Section 2(31) of CGST Act, 2017.
(31) ”consideration” in relation to the supply of goods or services or both includes –
(a) any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government;
(b) the monetary value of any act or forbearance, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Governmen
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