Goods and Services Tax – Started By: – Yogesh Ashar – Dated:- 3-1-2019 Last Replied Date:- 6-1-2019 – Dear SirIn 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.Queries1. 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 company2. Whether full ITC can be claimed by the Tranporter3. Whether it will have to reverse 75% of the ITCThanks – Reply By YAGAY andSUN
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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 Government : Provided that a deposit given in respect of the supply of goods or services or both shall not be c
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