Insurance Companies Not Liable for GST on Salvage Deductions; Insurers Pay GST When Salvage Ownership Transfers.
Circulars
GST – States
Circular clarifies that insurance companies are not liable to pay GST on salvage/wreck value deducted from claim settlement amount, as salvage remains property of insured. However, if claim settled without salvage deduction, salvage becomes property of insurer who must discharge GST on subsequent supply. For total loss cases where salvage deducted from
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