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whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire

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  • whether Vat is payable on Insurance Claim received for stock damaged and burnt in fire

    VAT and Sales Tax - Started By - Esha Bal - Dated - 11-2-2019 Last Replied Date - 12-2-2019 - VAT is payable only in respect of consideration received on transfer of property in goods viz. 'sale' as defined under the VAT Act. Settlement of insurance claim by the insurance company cannot said to be transfer of ownership and thus no VAT is payable. However any input tax credit availed in respect of th..... .. ... #DiscussionForum #VATandSalesTax

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