Input credit
Jyoti Narang (Kkk) (1204 Points)
12 March 2021
if proprietor taken lic policy on his own name then he can take input credit of it in the proprietorship firm.
6 Replies
prasad Nilugal
(3914 Points)
Replied 12 March 2021
Helth Insurance is under block credit as per section 17(5) of the CGST act 2017 , you can not take input tax credit in any case .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 12 March 2021
Both Life Insurance and Health Insurance are under Block Credit a per section 17(5) (b) (i) of the CGST act 2017 . No ITC .
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 March 2021
You may avail ITC on stock insurance.
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