9 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 03 April 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 03 April 2021
What kind of insurance for the shop?
Shivam RC
(Student)
(23683 Points)
Replied 03 April 2021
So as per my opinion, you can claim ITC on Shop Insurance ( Fire insurance, Special Perils Policy, Burglary Policy etc ) since this insurance is being used in the course of or furtherance of business.
Just ensure that all the four conditions as laid down under Section 16(2) of the CGST Act 2017 is satisfied before claiming the ITC.
Regards,
Shivam RC.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 04 April 2021
As its not cover by Section 17(5) & definitely cover in the course of business.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 05 April 2021
you cannot claim such ITC. Corporate policyholders, who have taken general insurance, can enjoy input tax credit on the GST paid on their policies (it was available to them even under service tax). Life and health insurers will not have input tax credit as it is not available for life and health insurances (as they are for personal purposes).
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 05 April 2021
In my opinion ITC is available of Shop Insurance to the business.
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 05 April 2021
YES ITC IS AVIALABLE & YOU CAN CLAIM ITC FOR THAT ............. ............
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