ITC for Group Medical Insurance

Siva Raj (358 Points)

27 June 2021

Dear all, Group Medical Insurance is mandatory for our company, as per rule, we can avail ITC, whether it is advisable or not?

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6 Replies

CA Altamush Zafar (GST Consultant) (15971 Points)
Replied 27 June 2021

If taking such insurance is under compulsion of any Law then you can claim ITC otherwise not.

CMA Poornima Madhava (CMA) (13112 Points)
Replied 27 June 2021

If it is obligatory for the employer, then ITC can be availed.

veerendar singh (tax consultant) (3301 Points)
Replied 27 June 2021

Dont take itc

Siva Raj (358 Points)
Replied 27 June 2021

If we availed ITC means what is the effect while receiving claims

CA Altamush Zafar (GST Consultant) (15971 Points)
Replied 27 June 2021

If you have availed itc and such insurance was not mandatory under law then you will have to reverse such claimed itc.

If it is mandatory under any law then no need to reverse.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 27 June 2021

In term of section 17(5)(b) ITC available on Insurance where it is obligatory for employer to provide the same to it's employees under any Law .

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