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Input tax credit

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6 Points Posted on 17 April 2020
If bank get fire insurance from insurance company, can he avail ITC? Howmuch..?
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On 17 April 2020 at 13:02 Report
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"Do the Right Thing...!!!"
128147 Points Posted on 17 April 2020
Yes... ITC can be avail for the fire insurance. if it's business related by bank.
463 Reply
On 17 April 2020 at 13:22
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6 Points Posted on 17 April 2020
Howmuch.?
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On 17 April 2020 at 13:54
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Student
23688 Points Posted on 17 April 2020
Yes, the Bank can avail full ITC on Fire Insurance Premium payment.

As per the Provision of Section 16(1) of the CGST Act 2017, ITC can be claimed on goods or services or both which are used in the "COURSE OF or FURTHERANCE OF BUSINESS" .
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On 17 April 2020 at 15:16
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"Do the Right Thing...!!!"
128147 Points Posted on 17 April 2020
@ Mr Mitesh Patel.,

The bank can avail full ITC of the Inward Supplies.
463 Reply
On 17 April 2020 at 16:24


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