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ITC on insurance premium
can I claim ITC on insurance premium paid for LIC, stock insurance, life insurance etc
Replies (7)
Yes, subject to the condtions incorporated in section 16 and 17 of CGST Act.
thanks for reply
ITC on life insurance medical insurance is restricted u/s 17(5) of CGST Act
it means we can't claim ITC on insurance. can you give me on which insurance we can claim ITC
one or two examples
General insurance like stock insurance, transit insurance, fixed asset insurance is allowed if it is used in the course of business
that's good reply
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