Gst input tax credit for insurance companies

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23 Points Posted on 04 March 2018

Hi, 

I had a doubt about input tax credit under GST. Can insurance companies take input tax credit under GST for the GST tax amount in claims paid by them.

Specifically what would be modus operandi in case of reimbursement claims where the initial amount is paid by customer and he is later reimbursed by the insurer.

 

-Ramesh

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On 04 March 2018 at 12:09 Report
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EMPLOYEE
41 Points Posted on 04 March 2018
insurance companies can not take itc on claims paid by it..
however it can avail the benefit only when the insurance is the main business of the recipient
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On 04 March 2018 at 15:26
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23 Points Posted on 04 March 2018
Thanks for the clarification. Can you please cite the source for the same? I could find details on companies not getting ITC on insurance premiums but could not get anything on claims.
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On 04 March 2018 at 18:03

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