Sumanth Kumar G (Asst. Manager) 30 December 2016
We are a manufacturrers and we are paying insurance on our Stocks, Rawmaterial, Buildings,Machinery and Vehicles (i.e. Transport goods and passenger). Now my doubt is shall we take service tax credit on insurance paid amount.
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Aditya RVS (Practice) 30 December 2016
Insurance on Vehicles is not an eligible input service, specifically mentioned in the definition. Insurance on building is disputable. Input credit on Raw materials and machinery is eligible, subject to procedural and other requirements.