Input tax credit reg

This query is : Resolved

B SRINIVAS (Querist)
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06 December 2017 Dear sir we are works contractor company we paid contractor all risk policy premium with gst @ 18% can we avail ITC for this transaction kindly tell me

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 December 2017 Yes ITC can be claimed on such policy.

Basavaraj

Basavaraj (Expert)
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06 December 2017 life insurance and health insurance is not eligible as there is specific restriction on the same

Other than that, GST paid in all kinds of insurance are eligible subject to use of said service for taxable supply