CENVAT Credit on Insurance Charges

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Sreenath Govindankutty (Querist)
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19 December 2009 Can CENVAT credit be availed on the input tax paid on insurance charges of a motor vehicle when the value of insurance is capitalized? If we don't capitalise service tax portion on the insurance charges, can it be availed as input credit? Somebody please help with your valuable advices.

SANJAY JAIN

SANJAY JAIN (Expert)
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19 December 2009 In case it may be justified that motor vehicle is used in or in relation to manufacture activity or used in providing output service, the credit may be taken.

Sreenath Govindankutty

Sreenath Govindankutty (Querist)
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21 December 2009

Sreenath Govindankutty

Sreenath Govindankutty (Querist)
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21 December 2009 For capital goods such portion of excise cannot be taken which has been capitalised and depreciation claimed. Is that provision applicable in case of service tax on the first year insurance charges which has been capitalised with the asset? Can the credit be availed if we do not capitalise the value of service tax on insurance charges and refrain from availing depreciation on service tax value?

Madhukar N Hiregange

Madhukar N Hiregange (Expert)
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24 December 2009 If not capitalised then the same can be availed in my view as longas the motor car is used for business.

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