I have attached the blocked credit list as per Sec 17(5). According to this, you can avail ITC on car insurance if used by director only for business purpose.
It is treated as blocked credit in the recent GST meeting held. All the expense relating to the mototr vehicle such as repair, insurance etc is not allowed as credit.
yes, itc is blocked in case of car insurance premium or repair n maintenance.
hi
sir,
please help i confuse on vehicle insurance renewal amount paid on this can take Input
so one says not eligible eligible
waiting for reply
If any of the below is yes than you can claim ITC on the vehicle/service itself or insurance or the repairs and maintenance of the above vehicle.
1) Is the seating capacity more than 13?
2) Vehicle is bought for further-supply/resale?
3) Vehicle bought is being used for transportation of passengers?
4) Vehicle bought is being used for imparting training on driving of such motor vehicles?
5) Vehicle hired(or leased or rented) is used for the above purposes mentioned in 2-4 above?
6) are you manufacturer of those motor vehicles?
Experts can please confirm the above.
Sir Other views here are contrary to your advise,Could you please clarify?
1] under which table we can reverse claimed ITC on motor-vehicle insurance ??
2} can we take input on vehicle insurance if its reflecting in 2A , what can we do under this situation ??
Input Tax Credit on car insurance premium paid is generally not allowed under the Goods and Services Tax (GST) regime. Car insurance is categorized as a general insurance service, and according to GST laws, ITC is not available for general insurance services, except for certain cases related to commercial vehicles used for business purposes.
It's always advisable to consult with a tax professional or refer to the latest tax regulations in your jurisdiction to determine the specific rules and eligibility for claiming Input Tax Credit on car insurance premium paid. They will be able to provide you with accurate and up-to-date information regarding any potential tax benefits or deductions related to car insurance premiums.
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