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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Gst paid on insurance premium
Replies (8)
Quick Summary
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.
You can claim deduction under sec 80C with the GST amount...
Thanks for guidence
Ur welcone..🙂
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
Mr Rajkumar Patel.,
Read the query once again...
Read the query once again...
Yes, you can claim deduction on the GST amount because that is also an expense for you.
Yes the deduction u/s 80C can be claimed including GST
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