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 the stock damaged should be reversed.CAN I HAVE THE RELEVANT SECTION OR CASE LAWS FOR THE SAME. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = Insurance compensation is not liable to VAT since it is not for consideration. - Discussion-Forum - Knowledge Sharing

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