Fire floater policy

Others 370 views 2 replies
We have godown in all state accross India.Our Ho is in Maharashtra.Including HO all state we have taken gst registration

we have taken fire floater policy for one year period for all state godown.

Insurance company raised his tax invoice
in the name of H. O.

Can our H. O. in Maharashtra eligible for taking whole gst input.
Replies (2)

Your HO in Maharashtra can claim the whole GST input if certain conditions are met . Firstly, the dealer should be in possession of the tax invoice, and the goods or services must have been received. 

Additionally, returns must have been filed, and the tax charged should have been paid to the government by the supplier. 

Furthermore, you can claim ITC only for business purposes, and ITC will not be available for goods or services exclusively used for personal use, exempt supplies, or supplies for which ITC is specifically not available.

 You will need to ensure that you have all the necessary documents, including the invoice issued by the supplier, the debit note issued by the supplier, and the bill of entry.

Lastly, you should be aware that there are certain situations where ITC will be reversed, such as non-payment of invoices within 180 days, credit notes issued to ISD by the seller, and inputs partly for business purposes and partly for exempted supplies or personal use. 

It is always recommended to consult a tax expert or chartered accountant to ensure that you are meeting all the necessary requirements and following the correct procedures.

All the conditions we fulfilled, but input is pertaining to state godown. Is there any problem of distntict person supply, so that whole itc is rejected


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