Input Tax Credit on car insurance premium paid is generally not allowed under the Goods and Services Tax (GST) regime. Car insurance is categorized as a general insurance service, and according to GST laws, ITC is not available for general insurance services, except for certain cases related to commercial vehicles used for business purposes.
It's always advisable to consult with a tax professional or refer to the latest tax regulations in your jurisdiction to determine the specific rules and eligibility for claiming Input Tax Credit on car insurance premium paid. They will be able to provide you with accurate and up-to-date information regarding any potential tax benefits or deductions related to car insurance premiums.
CAclubindia
