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WORKMEN COMPESATION INSURANCE POLICY

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(Querist)
16 January 2025 IF ANY NOTIFICATION ITC ON WORKMEN COMPESATION INSURANCE POLICY FOR MANUFACTURING INDUSTRY

PLEASE PROVIDE
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
16 January 2025 All manufacturing units with more than 20 employees must obtain Workmen Compensation Insurance to ensure benefits for their workers, as mandated by the Employees’ State Insurance Act, 1948. Units with fewer than 20 employees are also advised to secure this insurance under the same legal framework.
Input Tax Credit (ITC) Eligibility
According to Section 17(5)(b) of the CGST Act, input tax credit on insurance premiums is generally restricted. However, ITC is permitted when it is mandatory for employers to provide such insurance under any law. This means that if a company is legally required to provide Workmen Compensation Insurance, it can claim ITC on the premiums paid.
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