Input tax credit on insurance

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709 Points Posted on 12 August 2020
hi, can we take an input tax credit on insurance premium paid for taking policy cover the transportation risk of goods?
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On 12 August 2020 at 12:10 Report
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Quick Summary
You can generally claim input tax credit (ITC) on insurance premiums paid for policies covering the transportation risk of goods, provided the transported goods are taxable. While ITC on life insurance is typically not available, GST on insurance related to goods in transit is claimable.

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Tax and Business Consultant
11616 Points Posted on 12 August 2020
Yes, you can take full credit of insurance premium paid, if transported Goods is taxable Goods.
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On 12 August 2020 at 12:17
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1102 Points Posted on 12 August 2020
Yes, you can take ITC
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On 12 August 2020 at 16:49
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44 Points Posted on 15 August 2020
Gst on life insurance is not available but gst on insurance relating to good s you can take
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On 15 August 2020 at 14:44

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