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Insurance ITC claim related

06 June 2022

one company is to build roads and that company uses different instrument to build roads Likes:- JCB, Soil compactor etc .so that the company can claim ITC on insurance on this instrument .

Thanks Experts

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3 Replies

Rajendra Prasad (Employee Private) (1824 Points)
Replied 06 June 2022

Yes, you can claim ITC.

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Aanchal Aggarwal (76 Points)
Replied 06 June 2022

In my opinion as a general rule if you can take itc on vehicles, the insurance amount is also eligible for ITC. JCB, soil compactor etc are not considered under the general motor vehicle category so one can claim itc on them and insurance thereafter.

CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 06 June 2022

Yes ITC will be allowed of the GST component paid in teh premium for insurance of JCB, SOil compactor etc.

ITC is not allowed inon services of general insurance, servicing, repair and maintenance in so far as they relate to motor vehicles(for transportation of passengers) vessels or aircraft.

1 Like