Dilip (M.Com) (34 Points)
17 August 2017Dear Sir
IGST Input tax credit is available or not on company promotors medi claims. Company paid medical insurance amount of partner. Insurance copy on name of company. Also Pl confirm ITC available or not on Insurance on vehicles.
Thanks & Regards
DILIP PARADKAR
Akash
( )
(375 Points)
Replied 17 August 2017
As per Section 17(5) of the CGST Act, 2017, input tax credit cannot be claimed on inter alia, life insurance and health insurance. Therefore, in my opinion, input tax credit will not be available in respect of mediclaim of promoters. In case of vehicle insurance, it can be claimed if the vehicle is used for the purpose of the business or for furtherance of the business.
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