we are Proprietary company, buy insurance policy for owner vehicle.
my question is that can we take GST credit for that Policy.
3 Replies
pritesh
(CA Final student)
(7101 Points)
Replied 13 December 2018
Clause (a) to section 17 (5 ) , declares motor vehicles and other conveyances as blocked credit, subject to certain exceptions. Accordingly no ITC is available in respect of motor vehicles If you are into the business of renting / leasing car/ Conveyence / Training ----> Yes can claim ITC input credit on both car and Insurance premium. However if you are in some other business, where the car is used for furtherance of business ----> you cannot claim ITC on Car only, but ITC on insurance & other accessories is not blocked. Therefore there is no restriction on ITC towrds Insurance paid .so you can claim ITC on insurance premium..
Pankaj Rawat
(GST Practitioner)
(55062 Points)
Replied 13 December 2018
As per Section 17(5) : No, you cannot claim ITC on car Insurance
Ganesh Kharat
(75 Points)
Replied 13 December 2018
thanks, but one of previous reply said we can take ITC, so what should I do???
Recent Topics
- Income Tax Rectification-TDS not claimed in ITR
- Gst Amendment HSN summary
- Unable to get some value eligible for claim in old
- Tax payment adjustment
- Accounting in Fintech companies
- Section 80DD Deduction Filing Error
- Which Form I have to fill - ITR1 or ITR2
- INTEREST EARNING IN USD AND JPY FCNR REPORTING IN
- ONLING FILLING ITR2 FOR PENSIONOR
- Sold Shares and purchased Open plot
Related Threads
Trending Online Classes
CAclubindia
