Shop insurance

can we claim shop insurance itc
Replies (9)
Quick Summary
This discussion clarifies whether Input Tax Credit (ITC) can be claimed on shop insurance under GST. While ITC on life and health insurance is blocked, general shop insurance policies like fire, special perils, or burglary are generally eligible. This is because they are used in the course of business, provided the conditions under Section 16(2) of the CGST Act are met.

I think you cannot claim such ITC
Hmm ltl bit confusion

What kind of insurance for the shop?

Shop insurance
As per the Provision of Section 17(5) clause (b) sub-clause (i) of the CGST Act 2017, Input Tax Credit (ITC) on "HEALTH INSURANCE or LIFE INSURANCE" is specifically Blocked.

So as per my opinion, you can claim ITC on Shop Insurance ( Fire insurance, Special Perils Policy, Burglary Policy etc ) since this insurance is being used in the course of or furtherance of business.

Just ensure that all the four conditions as laid down under Section 16(2) of the CGST Act 2017 is satisfied before claiming the ITC.

Regards,
Shivam RC.
Yes ITC is available.
As its not cover by Section 17(5) & definitely cover in the course of business.

you cannot claim such ITC. Corporate policyholders, who have taken general insurancecan enjoy input tax credit on the GST paid on their policies (it was available to them even under service tax). Life and health insurers will not have input tax credit as it is not available for life and health insurances (as they are for personal purposes).

In my opinion ITC is available of Shop Insurance to the business. 

YES ITC IS AVIALABLE & YOU CAN CLAIM ITC FOR THAT ............. ............

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