DEAR EXPERTS,
IS POSSIBLE TO CLAIM ITC ON INSURANCES, EXAMPLE- FIRE INSURANCE, VEHICLE INSURANCE,ETC
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CAN WE CLAIM ITC ON INSURANCE
Replies (2)
Quick Summary
Dear Harish
You can avail ITC on fire insurance of business.
But if your vehicle is upto seating capacity of 13 persons and you are not in the business of-
a. further supply of motor vehicles
b. passenger Transportations
c. imparting training on driving
you can not avail ITC on insurance or repair of vehicles.
also you can not avail ITC on Life insurance.
You can avail ITC on fire insurance of business.
But if your vehicle is upto seating capacity of 13 persons and you are not in the business of-
a. further supply of motor vehicles
b. passenger Transportations
c. imparting training on driving
you can not avail ITC on insurance or repair of vehicles.
also you can not avail ITC on Life insurance.
ITC can be claim for the FIRE INSURANCE...
But, Insurance for vehicle related ITC is based & activities on sec 17(5) of CGST act...
But, Insurance for vehicle related ITC is based & activities on sec 17(5) of CGST act...
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