Whether eligible GST input

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This query is : Resolved

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This discussion explores the eligibility of GST input tax credit (ITC) for various business insurance policies. Generally, ITC is not available for car insurance, factory building, office building, and warehouse insurance unless capitalised. However, ITC is available specifically in cases of stock insurance.

Daya

Daya (Querist)

28 May 2022 whether eligible GST Input on INSURANCE OF
GST input on car insurance
GST input on stock Insurance
GST input on Factory Building and office Building and warehouse insurance

CA Altamush Zafar

CA Altamush Zafar (Expert)

28 May 2022 For business other than car dealing, transportation of passengers and imparting training of driving:
1) Not available
2) Available
3) Available if not capitalised

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

04 June 2022 ITC available only in case of stock insurance.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

28 October 2026 ITC on insurance of factory, office and warehouse buildings is available: Sec 17(5)(c)/(d) block only works contract and goods/services used for construction of immovable property, and insurance is neither; car insurance is blocked u/s 17(5)(ab) (except for car dealers, passenger transport or driving schools), and stock insurance is allowed.

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