an individual paid insurance premium including GST as premium amount 24800 + 1200 gst .= 26000 during fin. year .
as per ITR 24800 will be deducted from taxable income ...what will be the treatment of GST amount paid on insurance premium ...
can we adjust the GST amount from individuals's capital ?
8 Replies
CA ARPIT BANGA
(job )
(376 Points)
Replied 03 April 2020
You are allowed to claim deduction against GST paid on the premium, provided it is within the overall limit of ₹1.5 lakh available under Section 80C.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 03 April 2020
You can claim deduction under sec 80C with the GST amount...
Rajkumar Patel
(602 Points)
Replied 03 April 2020
On my opinion, If Insurance in respect to Block Credit u/s 17(5) is not allowed in GST but Allowed in Income as Business Expenses
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 03 April 2020
Mr Rajkumar Patel.,
Read the query once again...
Read the query once again...
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 03 April 2020
Yes, you can claim deduction on the GST amount because that is also an expense for you.
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 05 April 2020
Yes the deduction u/s 80C can be claimed including GST
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