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Input tax credit on vehicle insurance premium paid
In the situation 1 . eligible for ITC and incase of sit.2 not eligible subject section 17(5) of CGST Act.
Sir, can you kindly specify in which clause of section 17(5) it is written that ITC of Insurance premium paid on car insurance will be blocked??
ITC in case 1 is fully allowed. However in case 2, if vehicle is used partially for business purpose & partially for personal purpose then ITC reversal is required on prorata basis for services utilized to the extent of personal purposes as per section 17 (1) of CGST Act.
Dear Rishi,
In the above case 2 when Vehicles are used for the Purpose of transporting employees I think Section 17(1) is not Applicable for Ineligibility. If there is any section for disallowing the Input credit for above case Kindly give me a reply
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