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insuarance premium

08 April 2018

can we itc on gst paid on car insuarance premium
as my gst no. is printed
on Insurance invoice
i knw
gst on car is not allowed
but
my question is
can we take itc on gst paid on car Insurance premium

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6 Replies

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 09 April 2018

If car is used for business purpose then only ITC on insurance premium of car is allowed.

2 Like

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 09 April 2018

Yes.... You can avail the ITC benefits if it's furtherance of business...

1 Like

Anmol Singla (808 Points)
Replied 09 April 2018

if refrigerator for office purpose is used then ITC can be availed or not

because my business is trading of goods
and refrigerator is used by employees

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 10 April 2018

Yes you can claim ITC.

Gagan Singla (564 Points)
Replied 09 April 2018

no where written that this credit is not eligible. but the intention of law is that the car is for pesonal use so thats why the credit for same has been blocked, so insurance on car is also deemed to be for personal use thereby the same has to be reversed u/s 17 taking it as inputs used for personal purpose.