ITC ON Group Insurance premiums of Employees

456 views
User Avatar

43 Points Posted on 17 April 2021
Sir,
we have taken Group insurance policy for our Employees. Can we claim ITC on the same.
please suggest us in this regard

regards,
Sreeramulu Kanchanam
0 Reply Share Follow
On 17 April 2021 at 18:06 Report
Replies (7)
Quick Summary
This discussion addresses whether Input Tax Credit (ITC) can be claimed on group insurance policies for employees. Generally, ITC on such policies is disallowed under Section 17(5) of the CGST Act. However, an exception exists if the insurance is obligatory for the employer, either by state laws or other regulatory requirements. In such mandatory cases, ITC may be claimable.

User Avatar

CMA
13117 Points Posted on 17 April 2021
This is specifically disallowed u/s 17(5) of CGST Act. So no ITC can be availed as such. However, if obligatory for the employer to provide such insurance, then ITC may be availed.
Reply
On 17 April 2021 at 18:40
User Avatar

43 Points Posted on 17 April 2021
Thank you Madam
Reply
On 17 April 2021 at 19:03
User Avatar

Chartered Accountant
24588 Points Posted on 18 April 2021
ITC cannot be claimed on group insurance policy for employees it is blocked
Reply
On 18 April 2021 at 05:57
User Avatar

43 Points Posted on 18 April 2021
Thank you sir
Reply
On 18 April 2021 at 11:17
User Avatar

Chartered Accountant
24588 Points Posted on 18 April 2021
Your welcome
Reply
On 18 April 2021 at 14:57
User Avatar

309 Points Posted on 21 April 2021
Generally, it is blocked but if the state laws or any other regulatory body requires the same, then the employer can taki ITC
Reply
On 21 April 2021 at 11:23
User Avatar

11 Points Posted on 06 February 2022
Since group insurance is mandatory as per worker law ITC on the same can be claimed
Reply
On 06 February 2022 at 18:21

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
  2. Advance for supply of goods
  3. Question for members: how do you manage client doc
  4. Clarification Required on Invoicing and Receipt of
  5. SEBI Registered VS NSDL Registered RTA
  6. Income tax or capital gain tax for Resident Indivi
  7. PCIT-1 Thane Email address
  8. CA Fees deduction for non audit case allowed?
  9. 5th Letter PAN Mismatch with Surname issues still
  10. Criteria to hire an article

More recent discussions | Post

Related Topics :

Loading