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GST paid on LIC allowed u/s 80C



Whether GST PAID on LIC policies is allowable as deduction under 80C or not...??

 
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premium paid on lic is allowable under 80c
..tax paid cannot be allowed as deduction under any act
 
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Chartered Accountant

The entire amount qualifies as deduction under secion 80C. 

Net Premium + GST = Gross Premium paid 

Claim the Gross amount u/s 80C

 
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"Do the Right Thing...!!!"

Yes... I agreed to Ms Vaishnavi Ganesh.,

The Full amount can be claim u/s 80C...
 
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u cannot claim deduction in respect of any tax payment
 
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"Do the Right Thing...!!!"

Deduction can be claim full value of Payment / Receipt with Tax Amount...
 
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Only Premium amount is eligible for deduction under section 80C. GST portion is to be eliminated.

 
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"Do the Right Thing...!!!"

All amount (Basic + GST (ST)) claimed under 80C deductions...
 
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Chartered Accountant

".......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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GST is tax which Lic (being agent) collect on behalf of Govt. how it be included in value of investment
 
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