Claim Damages Statement With Gst
Description
How to fill out Assignment Of A Claim For Damages?
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FAQ
For example, if the insured party has suffered a loss of Rs. 1,00,000 and the insurance company settles the claim for the same amount, then no GST is applicable on the claim amount. However, if the insurance company charges a processing fee of Rs. 5,000, then GST is applicable on the processing fee.
Tax cost is also to be indemnified to an Insured in case the liability falls on the Insured. As per provision of Sec. 17 (5) (h) of the Central GST Act, 2017, ITC will not be available to a taxable person in case the goods are lost or destroyed or stolen or they are written off.
Liquidated damages are mere a flow of money from the party who causes breach of the contract to the party who suffers loss or damage due to such breach. Such payments do not constitute consideration for a supply and do not attract GST.
FAQs > Refund of Excess Amount from the Electronic Cash Ledger Login to GST portal for filing refund application under refunds section. Navigate to Services > Refunds > Application for Refund option. Select the reason of Refund as 'Refund on account of excess balance in cash ledger'.
Liquidated Damages are not taxable under GST They are rather amounts recovered for not tolerating an act or situation and to deter such acts, i.e., such amounts are for preventing breach of contract or non-performance and thus, no GST liability arises on liquidated damages.
