Hi everyone please help me
I have taken insurance of the godown on which gst charged so can I claimed itc or not ?
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Eligibility for Input tax credit
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Quick Summary
Dear sir,
Under GST ,
Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business
Further section 17(5) CGST Act does not restrict any insurance apart from life and health, hence you can claim credit subject to section 16(2) & (4) of CGST Act
Hello Sir, Pl. notice: Persons who are registered under GST act are eligible to claim input tax credit in respect of taxes paid(CGST, SGST, or UTGST and IGST) on all inward supplies of goods or services. Provided such goods or services received should be used in course of business or intended to be used for furtherance of business.
Yes, you can claim ITC on insurance of the godown, as it's used or intended to be used in the course or furtherance of his business, and also not restricted under section 17(5) CGST Act.
You can claim credit subject to section 16(2) & (4) of CGST Act like your GSTIN is mentioned on invoice, ect....
You can claim credit subject to section 16(2) & (4) of CGST Act like your GSTIN is mentioned on invoice, ect....
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