Whether GST PAID on LIC policies is allowable as deduction under 80C or not...??
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GST paid on LIC allowed u/s 80C
Replies (14)
premium paid on lic is allowable under 80c
..tax paid cannot be allowed as deduction under any act
..tax paid cannot be allowed as deduction under any act
The entire amount qualifies as deduction under secion 80C.
Net Premium + GST = Gross Premium paid
Claim the Gross amount u/s 80C
Yes... I agreed to Ms Vaishnavi Ganesh.,
The Full amount can be claim u/s 80C...
The Full amount can be claim u/s 80C...
u cannot claim deduction in respect of any tax payment
Deduction can be claim full value of Payment / Receipt with Tax Amount...
Only Premium amount is eligible for deduction under section 80C. GST portion is to be eliminated.
All amount (Basic + GST (ST)) claimed under 80C deductions...
".......sums paid or deposited in the previous year by the assessee—
(i) to effect or to keep in force an insurance on the life of persons....."
The amount paid to keep in force the insurance, i.e the premium paid to the insurance company is inclusive of GST. So both can be claimed. that is the beneficial approach can be taken.
Hope this clarifies.
GST is tax which Lic (being agent) collect on behalf of Govt. how it be included in value of investment
| Originally posted by : Vaishnavi Ganesh | ||
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".......sums paid or deposited in the previous year by the assessee— (i) to effect or to keep in force an insurance on the life of persons....." The amount paid to keep in force the insurance, i.e the premium paid to the insurance company is inclusive of GST. So both can be claimed. that is the beneficial approach can be taken. Hope this clarifies. |
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Gross Premium is allowed including GST. Do not merge Direct taxes & Indirect taxes. LIC amount includes GST of which burden is passed to the ultimate consumer. Under DT, LIC is allowed including taxes.
Agree with Vaishnavi......
legally only premium is allowable for deduction
Not sure of this. But invoice with GST - entire anount is taken as Biz expense plus the credit of GST is also taken . Is this correct.??
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