INDIRECT TAX

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Internal Auditor
9 Points Posted on 27 March 2021

Hi All,

Could you please provide me some clarification on Input tax credit (ITC) availability of Insurance premium paid for the Godown? Shall i take the Input or Not ? 

Regards,

Manju H

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On 27 March 2021 at 11:46 Report
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Quick Summary
This discussion clarifies the availability of Input Tax Credit (ITC) for GST paid on insurance premiums for a godown. The consensus is that businesses can indeed claim ITC on this expense, provided they are dealing in taxable goods or services. There are no specific restrictions preventing the availment of such credit.

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Chartered Accountant in Practice
1260 Points Posted on 27 March 2021

Yes, you can take credit of GST paid on insurance premium for godown (assuming that the recipient is in the business of taxable goods/services. There is no restriction for availment of such credit.

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On 27 March 2021 at 12:04
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Chartered Accountant
24588 Points Posted on 27 March 2021
Yes you can claim ITC for the insurance premium paid for the godown
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On 27 March 2021 at 12:38

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