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Insurance on goods

nukanaboina maruthi (150 Points)

03 January 2020

can we claim insurance paid for goods.

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6 Replies

Pandiyarajan Masanam (32 Points)
Replied 03 January 2020

Yes you can take ITC for good insurance

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lakshya rawat (33 Points)
Replied 03 January 2020

Yes. if the goods are used as stock or assets in business.

nukanaboina maruthi (150 Points)
Replied 03 January 2020

Thank you. while goods in transportation can we claim ITC on insurancs

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 03 January 2020

Yes... You can claim.

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srikumar (audit staff) (1203 Points)
Replied 05 January 2020

Factory insurance, stock insurance, plant and machinery insurance itc will be claimable, but vehicle insurance has no itc sir

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 05 January 2020

@ Mr Srikumar.,

ITC can be claim if Insurance taken on Transportation of Goods. The insurance taken for transporting between Sender place to receiver place...

One more think if taxpayer is doing transport business then he can claim ITC for the purchase of vehicles and it's related activities like insurance on vehicles, RM...

Also a taxpayer use vehicle for transportation of goods then he can claim ITC for the purchase of vehicles and it's activities as same above...