Whether GST PAID on LIC policies is allowable as deduction under 80C or not...??
Ashwin Kumar
(168 Points)
Replied 09 August 2018
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 09 August 2018
The entire amount qualifies as deduction under secion 80C.
Net Premium + GST = Gross Premium paid
Claim the Gross amount u/s 80C
RAJA P M
("Do the Right Thing...!!!")
(128085 Points)
Replied 09 August 2018
Vishal Madnani
(4 Points)
Replied 09 August 2018
RAJA P M
("Do the Right Thing...!!!")
(128085 Points)
Replied 10 August 2018
Aravind Kannan
(Future CA )
(154 Points)
Replied 10 August 2018
Only Premium amount is eligible for deduction under section 80C. GST portion is to be eliminated.
RAJA P M
("Do the Right Thing...!!!")
(128085 Points)
Replied 10 August 2018
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 10 August 2018
".......sums paid or deposited in the previous year by the assessee—
(i) to effect or to keep in force an insurance on the life of persons....."
The amount paid to keep in force the insurance, i.e the premium paid to the insurance company is inclusive of GST. So both can be claimed. that is the beneficial approach can be taken.
Hope this clarifies.
Vishal Madnani
(4 Points)
Replied 10 August 2018
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 10 August 2018
Originally posted by : Vaishnavi Ganesh | ||
".......sums paid or deposited in the previous year by the assessee— (i) to effect or to keep in force an insurance on the life of persons....." The amount paid to keep in force the insurance, i.e the premium paid to the insurance company is inclusive of GST. So both can be claimed. that is the beneficial approach can be taken. Hope this clarifies. |
CA Ankit Vyas
(SERVICE)
(21 Points)
Replied 11 August 2018
Gross Premium is allowed including GST. Do not merge Direct taxes & Indirect taxes. LIC amount includes GST of which burden is passed to the ultimate consumer. Under DT, LIC is allowed including taxes.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 21 August 2018
Not sure of this. But invoice with GST - entire anount is taken as Biz expense plus the credit of GST is also taken . Is this correct.??
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