Gst on car insurance premium
This query is : Open
11 September 2023
Can I take Itc on car insurance premium in my gst co which have iron and steel business.please clarify?
11 September 2023
ITC on car is blocked u/s 17(5) so no ITC can be taken on car insurance.
11 September 2023
I have taken Itc on car insurance premium
11 September 2023
It is covered under Blocked Credit and ITC is not eligible for Insurance paid on Car Premium
11 September 2023
Yes I agreed with above said replies.
The Car insurance premium related Tax is blocked under sec 17(5). So, You want to reverse the ITC which is taken and interest is also applicable...
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