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Input tax credit
If bank get fire insurance from insurance company, can he avail ITC? Howmuch..?
Replies (4)
Quick Summary
Yes... ITC can be avail for the fire insurance. if it's business related by bank.
Howmuch.?
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" .
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" .
@ Mr Mitesh Patel.,
The bank can avail full ITC of the Inward Supplies.
The bank can avail full ITC of the Inward Supplies.
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