Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Can we claim deduction on the GST paid on Life Insurance

315 views

Save Share

Vidhya Ganesh

Finance

31 Points Posted on 27 February 2020

While claiming the Life insurance amount on 80C, the premium paid incl of GST is allowed as deduction or GST is not allowed as deduciton.

Also what is the recourse if Employer is not considering the GST amount paid on Insurance Premium

Thanks in advance

Replies (4)

Quick Summary

This discussion clarifies whether the Goods and Services Tax (GST) paid on life insurance premiums can be claimed as a deduction under Section 80C of the Income Tax Act. The consensus is that the full premium paid, including GST, is eligible for deduction. If an employer does not account for the GST amount, individuals can claim the deduction by filing their Income Tax Return (ITR).

RAJA P M

"Do the Right Thing...!!!"

128157 Points Posted on 27 February 2020

1. Yes... You can claim deduction for the LIC paid amount u/s 80C with GST amount...

2. If employer can't considering then You will claim through filing of ITR.