Is ITC available on professional indemnity insurance policy

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56 Points Posted on 28 November 2020
Is ITC available on professional indemnity insurance policy
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On 28 November 2020 at 16:32 Report
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Input Tax Credit (ITC) is generally not available for insurance premiums paid for personal purposes, including professional indemnity insurance, as per Section 17(5) of the GST Act. However, ITC may be claimable for specific business-related insurance policies such as burglary or fire safety insurance.

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Accountant
3662 Points Posted on 28 November 2020
No......
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On 28 November 2020 at 16:39
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132 Points Posted on 29 November 2020
As per sec 17(5) blocked credit for insurance premium paid for personal purposes no ITC, but you can avail if the insurance for burglary, fire safety insurance, ITC eligible.
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On 29 November 2020 at 13:05

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