Circular No. 215/9/2024-GST: Clarification on GST Liability for Salvage/Wreck Value in Motor Vehicle Insurance

CIRCULAR NO. 215/9/2024-GST [F.NO. CBIC-20001/4/2024-GST]SECTION 7, READ WITH SECTION 9 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – SUPPLY – SCOPE OF – CLARIFICATION ON TAXABILITY OF SALVAGE/WRECK VALUE EARMARKED IN CLAIM ASSESSMENT OF DAMAGE CAUSED TO MOTOR VEHICLECIRCULAR NO. 215/9/2024-GST [F.NO. CBIC-20001/4/2024-GST], DATED 26-6-2024The insurance companies, which are engaged in providing general insurance services in respect of insurance of motor vehicles, insure the cost of repairs/damages of motor vehicles incurred by the policyholders. Such damages to the insured...

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