one company is to build roads and that company uses different instrument to build roads Likes:- JCB, Soil compactor etc .so that the company can claim ITC on insurance on this instrument .
Thanks Experts
Yes, you can claim ITC.
3 Replies
Aanchal Aggarwal
(76 Points)
Replied 06 June 2022
In my opinion as a general rule if you can take itc on vehicles, the insurance amount is also eligible for ITC. JCB, soil compactor etc are not considered under the general motor vehicle category so one can claim itc on them and insurance thereafter.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 06 June 2022
Yes ITC will be allowed of the GST component paid in teh premium for insurance of JCB, SOil compactor etc.
ITC is not allowed inon services of general insurance, servicing, repair and maintenance in so far as they relate to motor vehicles(for transportation of passengers) vessels or aircraft.
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