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ITC on insurance paid on vehicle
wheather the insurance paid on vehicle is eligible for ITC
Replies (6)
not available. restricted under section 17(5) of cgst act
ITC not available
Itc available on insurance and vehicle repair and maintenance both
ITC available insurance on vehicle
lawmaker want to restrict ITC on acquisition of vehicles because it carry a large amount of tax I don't think law maker want to restrict ITC on insurance of vehicle as it is very small amount
ITC Not Available on insurance paid on vehicle u/s 17(5) (a) as it is specified: Input Tax Credit shall not be available in "RESPECT" of ...... a) Motor Vehicles and other Conveyances. So, in respect of term covers a wider meaning and not only Purchase of Motor Vehicle.
That is my view on the same. It can surely be interpreted agressively in a different view.
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