ITC on insurance premium

23 February 2018

can I claim ITC on insurance premium paid for LIC, stock insurance, life insurance etc

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7 Replies

RAMESH KUMAR SINGLA (PROFESSIONAL) (1777 Points)
Replied 23 February 2018

Yes, subject to the condtions incorporated in section 16 and 17 of CGST Act.

Ashok Sharma (19 Points)
Replied 23 February 2018

thanks for reply

sujith kumar dasa (banglore) (1496 Points)
Replied 23 February 2018

ITC on life insurance medical insurance is restricted u/s 17(5) of CGST Act

Ashok Sharma (19 Points)
Replied 23 February 2018

it means we can't claim ITC on insurance. can you give me on which insurance we can claim ITC

Ashok Sharma (19 Points)
Replied 23 February 2018

one or two examples

sujith kumar dasa (banglore) (1496 Points)
Replied 23 February 2018

General insurance like stock insurance, transit insurance, fixed asset insurance is allowed if it is used in the course of business

Ashok Sharma (19 Points)
Replied 23 February 2018

that's good reply

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