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Can we take GST inupt credit on Car Insurance premium.

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Ranjith P

21 Points Posted on 21 March 2023

Can we take GST inupt credit on Car Insurance premium.

Replies (7)

Quick Summary

This discussion explores whether businesses can claim GST input credit on car insurance premiums. Generally, input tax credit (ITC) is not allowed for motor vehicle insurance if the vehicle is used for general business purposes. However, exceptions exist if you are a motor car dealer or provide driving instruction. If your car insurance is not eligible for ITC, then related expenses like repairs and insurance services also cannot be claimed.

NARENDRA

ACCOUNTS MANAGER

1041 Points Posted on 21 March 2023

yes....... absolutely......

Sneha Latha

Senior Assistant

109 Points Posted on 21 March 2023

No, ITC is not allowed on insurance premium as they relate to motor vehicles.

C.A. Sandeep Wawhal

CA PGDFM BCom

1518 Points Posted on 21 March 2023

You can claim ITC on motor car expenses(incl. car insurance premium) only if you are engage in 1. Further supply of motor car 2. Providing Training as to Driving of car

Anant Jain

article clerk

36 Points Posted on 21 March 2023

If u are not a trader/ dealer of motor car or u are not in the service of motor driving classes, then u cannot claim input on motor cars. further since input on motor car used for business , other than the two mentioned above , is not available therefore input repairs , insurance service etc related to that motor car also not available to be utilised.

sabyasachi mukherjee

Profession

19978 Points Posted on 22 March 2023

Provided it's not blocked under sec 17(5).
the car is used for furtherance of business.

CA. Bhavik P. Chudasama

Practice

5560 Points Posted on 22 March 2023

https://www.caclubindia.com/articles/sec-17-blocked-credit-under-gst-46741.asp

refer to this article

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24 Points Posted on 24 March 2023

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