Go AD-FREE with CAclubindia PRO. Use Code: CADAY10. Subscribe Now!

Fire floater policy

Rajkumar Gutti (679 Points)

24 October 2024

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.

Reply
Follow
Share

2 Replies

Rama chary Rachakonda (Master in Accounts & high court Advocate) (8454 Points)
Replied 24 October 2024

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.

Rajkumar Gutti (679 Points)
Replied 24 October 2024

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

CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Meet our PRO Members

Nilesh Manek

PRO MEMBER

Jaya Moorjani

PRO MEMBER

R Prabhudoss

PRO MEMBER

Mukund Thakur

PRO MEMBER

Rakhi Dhama

PRO MEMBER

Subscribe to CAclubIndia Pro

Trending Online Classes

AI Advantage: Mastering ITR 2025 Compliance

Manoj Lamba

Enroll Now

05 July 2025
Certification Course on Practical Filing of Income Tax Returns

CA Pratibha Goyal

Enroll Now

09 July 2025
GST Demands and Recoveries: Navigating Through the Tides

CA Nipun Arora

Enroll Now

17 July 2025

view all classess

Follow us

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings