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GST claim - LIC

18 April 2021

I am a commission agent in cashews. I do have GST registration. Can I claim GST set-off in my LIC policies against my sales bill GST?

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6 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 18 April 2021

No, you cannot set off GST of commission agent against LIC policy

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Amrish Jerajani (19 Points)
Replied 18 April 2021

Thanks

Sourav

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 18 April 2021

Agree with Mr. Sourav ... not available.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 18 April 2021

Your welcome

RENU SHARMA (1388 Points)
Replied 18 April 2021

No you can't claim

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Bhavika Kothari (CA) (1258 Points)
Replied 24 April 2021

You can claim Input tax credit (ITC) only if the purchase was for the furtherance of your business. In this case the ITC is not directly related to the furtherance of your business so it is not admissible as per section 17(5)

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