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Input credit
if proprietor taken lic policy on his own name then he can take input credit of it in the proprietorship firm.
Replies (6)
Helth Insurance is under block credit as per section 17(5) of the CGST act 2017 , you can not take input tax credit in any case .
Its not health but life insurance
Both Life Insurance and Health Insurance are under Block Credit a per section 17(5) (b) (i) of the CGST act 2017 . No ITC .
N on stock insurance
You may avail ITC on stock insurance.
Ok thank u
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