Insurance on goods

Yes you can take ITC for good insurance

Yes. if the goods are used as stock or assets in business.

Thank you. while goods in transportation can we claim ITC on insurancs

Yes... You can claim.

Factory insurance, stock insurance, plant and machinery insurance itc will be claimable, but vehicle insurance has no itc sir

@ Mr Srikumar.,

ITC can be claim if Insurance taken on Transportation of Goods. The insurance taken for transporting between Sender place to receiver place...


One more think if taxpayer is doing transport business then he can claim ITC for the purchase of vehicles and it's related activities like insurance on vehicles, RM...

Also a taxpayer use vehicle for transportation of goods then he can claim ITC for the purchase of vehicles and it's activities as same above...