Quick Summary
F. No. CBIC-20001/4/2024-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing ***** North Block, New Delhi Dated the 26th June, 2024 To, The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners /Commissioners of Central Tax (All) The Principal Directors General / Directors General (All) Madam/Sir, Subject: Entitlement of ITC by the insurance companies on the expenses incurred fo
Daily Limit Reached
You have reached your daily limit of 2 Free Notice & Circular
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited Notice & Circular Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The notification concerns the entitlement of Input Tax Credit (ITC) for insurance companies on expenses incurred for the repair of motor vehicles in reimbursement mode insurance claims.
The two modes are Cashless and Reimbursement.
Invoices are generally issued by the garages in the name of the insurance companies.
Yes, insurance companies may be availing input tax credit (ITC) on the tax paid in respect of repair services provided by garages in the Reimbursement Mode of claim settlement, provided invoices are issued in their name.
No, the notification indicates that ITC entitlement applies to both Cashless and Reimbursement modes, based on invoices issued in the insurance company's name.
CAclubindia
Source : https://taxinformation.cbic.gov.in/view-pdf/1003204/ENG/Circulars