Gst on mediclaim insurance premium

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This query is : Resolved

Quick Summary

This discussion clarifies whether GST paid on mediclaim insurance premiums is eligible for Input Tax Credit (ITC) for a proprietorship firm. Generally, ITC is not available for individual mediclaim premiums, even if paid for employees. The only exception is if the insurance is mandated by law. Therefore, a proprietor cannot claim ITC on their personal mediclaim paid through the firm.

ARUN GUPTA

ARUN GUPTA (Querist)

01 October 2023 I have take mediclaim and paid premium with gst on it.The company took my gst no and showed in the gst returns.

Can I claim ITC ON MEDICLAIM PREMIUM PAID IN MY PROPRIETORSHIP GST FORM?

PLEASE ADVISE AND CLARIFY?

ARUN GUPTA

ARUN GUPTA (Querist)

01 October 2023 I have gst registered proprietorship firm

RAJA P M

RAJA P M (Expert)

01 October 2023 What is the purpose of the insurance...??? If this is Your self then You can't claim ITC... In case it's for Your employees then you can claim.

ARUN GUPTA

ARUN GUPTA (Querist)

01 October 2023 This is for my self as I am proprietor of my firm

RAJA P M

RAJA P M (Expert)

01 October 2023 The ITC is not available. It's under ineligible ITC.

ARUN GUPTA

ARUN GUPTA (Querist)

01 October 2023 My wife is the employee of firm.Can I claim ITC on mediclaim premium paid by my firm as employee?

CA Altamush Zafar

CA Altamush Zafar (Expert)

02 October 2023 ITC on mediclaim insurance premium is not available even if taken for employees. Its only available if such insurance is made mandatory by law..