ITC On Asset Insurance
This query is : Resolved
Vignesh Raja
(Querist)
10 July 2024
Hi All,
Can we Avail ITC on the Asset Insurance which is for the below points
1. Burglary
2. MBD- Machinery Breakdown
3. Electronic Equipment Insurance
If we can claim ITC for this, Kindly share any Provisions or Section for this scenario to understand better
Can we Avail ITC on the Asset Insurance which is for the below points
1. Burglary
2. MBD- Machinery Breakdown
3. Electronic Equipment Insurance
If we can claim ITC for this, Kindly share any Provisions or Section for this scenario to understand better
CA R SEETHARAMAN
(Expert)
11 July 2024
Yes, you can claim.
Input Credit is available on burglary insurance (Case reference – JSW Steel Ltd. Vs Commissioner of Central Excise, Raigad.) GST Input Tax Credit is available in the Plant and Machinery and the Laptop Insurance. (Case reference – Hindustan Zinc vs Commissioner of Central Excise, Jaipur).
Input Credit is available on burglary insurance (Case reference – JSW Steel Ltd. Vs Commissioner of Central Excise, Raigad.) GST Input Tax Credit is available in the Plant and Machinery and the Laptop Insurance. (Case reference – Hindustan Zinc vs Commissioner of Central Excise, Jaipur).
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