ITC on insurance paid on vehicle
Umesh Gupta (1 Points)
20 December 2017
wheather the insurance paid on vehicle is eligible for ITC
6 Replies
Rohit Kumar Singh
(Founder - TaxMarvel Consulting Services LLP)
(9467 Points)
Replied 20 December 2017
not available. restricted under section 17(5) of cgst act
VIKAS SAINI
(1163 Points)
Replied 20 December 2017
Itc available on insurance and vehicle repair and maintenance both
sudip sharma
(article)
(734 Points)
Replied 20 December 2017
lawmaker want to restrict ITC on acquisition of vehicles because it carry a large amount of tax I don't think law maker want to restrict ITC on insurance of vehicle as it is very small amount
CA Sushant Karbhari
(Practicing Chartered Accountant)
(54 Points)
Replied 21 December 2017
ITC Not Available on insurance paid on vehicle u/s 17(5) (a) as it is specified: Input Tax Credit shall not be available in "RESPECT" of ...... a) Motor Vehicles and other Conveyances. So, in respect of term covers a wider meaning and not only Purchase of Motor Vehicle.
That is my view on the same. It can surely be interpreted agressively in a different view.
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