ITC Eligibility on Staff's Medical Insurance
This query is : Resolved
19 March 2024
Sir,
My company was a traders of building material and providing health insurance to all employees working in the organization a part of corporate policy. But there is no statutory requirement to compulsorily provide insurance to the employees. Policy was taken from star health insurance and invoice was raised in the name of the company with GST invoices. Whether, my company can avail ITC in respect of the staff's insurance.
My company was a traders of building material and providing health insurance to all employees working in the organization a part of corporate policy. But there is no statutory requirement to compulsorily provide insurance to the employees. Policy was taken from star health insurance and invoice was raised in the name of the company with GST invoices. Whether, my company can avail ITC in respect of the staff's insurance.
19 March 2024
ITC can't be claimed on staff medical insurance.
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19 March 2024
Yes, You can claim ITC for that Medical Insurance which is taken for Employees. Ni issues.
20 March 2024
No, ITC cannot be taken under section 17(5)(b) clause iii read with proviso. on health insurance it can b taken only if it was obligatory for the employer to provide such insurance to the employees. Clarification issued by CBIC states that proviso after clause iii shall be applicable to the whole of clause b of section 17(5).
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20 March 2024
Yes, That (query) insurance given by employer to employees. Then ITC is available for insurance.
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