Marine insurance is for supply of goods, hence provision of 17(5) will not apply
17(5) talks about general insurance of passenger vehicle
in my view ITC is available on marine insurance
Replies (2)
Quick Summary
This discussion clarifies the availability of Input Tax Credit (ITC) on marine insurance. Participants agree that ITC is indeed available for marine insurance policies. This is because marine insurance is considered a supply of goods, and therefore, Section 17(5) of the GST law, which pertains to general insurance of passenger vehicles, does not apply.