Itc of Term Insurance

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Proprietor
186 Points Posted on 12 June 2021
Dear All,
If partnership paid the premium of Insurance of partner,
whether they can claim the Gst credit in it?
OR If individual Pay the GST on insurance can he claim so through Proprietor business?
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On 12 June 2021 at 09:35 Report
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Quick Summary
This discussion clarifies whether GST input tax credit (ITC) can be claimed on term insurance premiums. Generally, ITC cannot be claimed for health and life insurance premiums as they fall under blocked credits as per Section 17(5) of the CGST Act 2017. ITC is typically only claimable for business-related insurance, such as for stock or buildings, not personal policies.

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Chartered Accountant
24588 Points Posted on 12 June 2021
No ITC might not be claimed
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On 12 June 2021 at 10:00
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3924 Points Posted on 12 June 2021
Helth Insurance and Life Insurance are under block credit under section 17(5) of the CGST act 2017 .
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On 12 June 2021 at 10:22
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GST Consultant
15986 Points Posted on 12 June 2021
ITC cannot be claimed
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On 12 June 2021 at 10:40
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Chartered Accountant in Practice
1260 Points Posted on 12 June 2021

ITC could be availed only if it is related to business such as stock or building insurance. Health, Life insurance cannot be availed.

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On 12 June 2021 at 12:36

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