Check sibling questions

Whether ITC Available on GST of Insurance?

Last updated at Nov. 3, 2020 by

As per Blocked Credit list,
No ITC available of Medical Insurance and Life insurance as these are in nature of employee benefits
 
However, ITC can be availed for stock insurance as this is not related to employees
 
As regards vehicle insurance, if ITC available of Motor Vehicle, then  ITC of Vehicle insurance also available
Example-Insurance of truck used for business
 
If ITC not available of car, then car insurance cant be claimed
Example-Insurance of car used for transporting employees

 

ITC on Insurance.jpg

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Transcript

ITC OF INSURANCE NO ITC OF ITC AVAILBALE OF Life Insurance Stock Insurance (If no ITC of Motor Vehicle) (If ITC Available of Motor Vehicle) Medical Insurance Vehicle Insurance Vehicle Insurance teachoo.com

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.