Can we claim deduction on the GST paid on Life Insurance

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Finance
21 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

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On 27 February 2020 at 13:33 Report
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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).

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"Do the Right Thing...!!!"
77792 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.
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On 27 February 2020 at 15:21
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Professional - CA firm
352 Points Posted on 28 February 2020
You cannot claim itc as it is restricted vide section 17(5) of cgst act 17

8820448170
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On 28 February 2020 at 00:34
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"Do the Right Thing...!!!"
77792 Points Posted on 28 February 2020
@ Mr Mohit Jagnani.,

Read the query dear...
It's asking about Income Tax. Not for GST...
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On 28 February 2020 at 05:17
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Professional - CA firm
352 Points Posted on 28 February 2020
Oh my bad..thanks
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On 28 February 2020 at 14:56

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