27 December 2019
ITC is not available for rent-a-cab, health insurance and life insurance.
But there are some exceptions, i.e., ITC is available in case of followings -
1. Any services which are made obligatory for an employer to provide its employee by the Indian Government under any current law in force. 2.If the category is same for the inward supply and outward supply or it is a part of the mixed or composite supply. 3.leasing, renting or hiring of motor vehicles, vessels or aircraft with exceptions same as those mentioned for (1).
CAclubindia
