WHETHER ITC PAID ON INSURANCE PREMIUM.....ETC PAID ON PURCHASE OF CAR.

1. 1st time insurance premium credit u can get coz u r capitalizing.
2 & 3 can not be taken as credit (blocked credit 17(5))

In section 17 (5) it is no where written that credit of 2 and 3 point is disallowed. Kindly elaborate

S. 17(5)(a) condition should be satisfied to claim the credit. If the motor vehicles and other conveyances used for any Purpose not mentioned, the credit can not be claimed. Hope it helps.

I purchased a new car in my personal name. I am proprietor of my business firm. Payment of car is made from business firm & is shown in balance sheet. car is used for business purposes.
Can I take ITC credit of GST paid in purchse invoice of car, insurance premium of car ?
Under which section of GST Act.
Please guide

What is the nature of Business?

Chemical Trading & Supply to Industrial Units

So, newly bought car is not being used in
1. Supply of vehicles or conveyances
2. Transportation of Passengers
3. Transportation of Goods
4. Imparting training on driving, flying, navigating

As per S. 17(5)(a), credit can be claimed only if ur motor vehicle used in above said purposes which is not in your case.
So, GST paid in purchase invoice of car, Insurance premium can not be claimed as Input credit.
However, u can capitalize the cost and claim depreciation on it as per Income Tax Act, 1961.

Hope it helps.