Gst paid on insurance premium

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33 Points Posted on 03 April 2020
an individual paid insurance premium including GST as premium amount 24800 + 1200 gst .= 26000 during fin. year .

as per ITR 24800 will be deducted from taxable income ...what will be the treatment of GST amount paid on insurance premium ...

can we adjust the GST amount from individuals's capital ?
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On 03 April 2020 at 06:47 Report
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Quick Summary
This discussion clarifies the treatment of GST paid on insurance premiums. While the premium itself is deductible under Section 80C, the GST component can also be claimed as a deduction, provided it falls within the overall ₹1.5 lakh limit for Section 80C. The consensus is that the GST paid on the insurance premium is an allowable expense for deduction purposes.

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job
376 Points Posted on 03 April 2020
You are allowed to claim deduction against GST paid on the premium, provided it is within the overall limit of ₹1.5 lakh available under Section 80C.
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On 03 April 2020 at 10:16
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"Do the Right Thing...!!!"
128157 Points Posted on 03 April 2020
You can claim deduction under sec 80C with the GST amount...
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On 03 April 2020 at 10:51
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33 Points Posted on 03 April 2020
Thanks for guidence
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On 03 April 2020 at 10:59
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job
376 Points Posted on 03 April 2020
Ur welcone..🙂
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On 03 April 2020 at 11:01
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602 Points Posted on 03 April 2020
On my opinion, If Insurance in respect to Block Credit u/s 17(5) is not allowed in GST but Allowed in Income as Business Expenses
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On 03 April 2020 at 11:07
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"Do the Right Thing...!!!"
128157 Points Posted on 03 April 2020
Mr Rajkumar Patel.,

Read the query once again...
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On 03 April 2020 at 11:14
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Consultant
1891 Points Posted on 03 April 2020

Yes, you can claim deduction on the GST amount because that is also an expense for you. 

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On 03 April 2020 at 11:51
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GST Practitioner
55067 Points Posted on 05 April 2020
Yes the deduction u/s 80C can be claimed including GST
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On 05 April 2020 at 14:23

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