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CIRCULAR NO. 215/9/2024-GST, 26-06-2024

June 29, 2024

CBIC issued circular clarifying taxability of supply of salvage/ wreckage by general insurance companies
Editorial Note : The CBIC has clarified that in cases where general insurance companies are deducting the value of salvage as deductibles from the claim amount, the salvage remains the property of insured and insurance companies are not liable to discharge GST liability on the same. However, in cases, where the insurance claim is settled on full claim amount, without deduction of value of salvage/ wreckage, the insurance company will be obligated to discharge GST on supply of salvage to the salvage buyer.

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