ITC On Asset Insurance

This query is : Resolved

Vignesh Raja (Querist)
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10 July 2024 Hi All,

Can we Avail ITC on the Asset Insurance which is for the below points

1. Burglary
2. MBD- Machinery Breakdown
3. Electronic Equipment Insurance

If we can claim ITC for this, Kindly share any Provisions or Section for this scenario to understand better

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 July 2024 Yes, you can claim.
Input Credit is available on burglary insurance (Case reference – JSW Steel Ltd. Vs Commissioner of Central Excise, Raigad.) GST Input Tax Credit is available in the Plant and Machinery and the Laptop Insurance. (Case reference – Hindustan Zinc vs Commissioner of Central Excise, Jaipur).