ITC eligibility for group insurance
Query (Issue) Started By: – RameshBabu Kari Dated:- 4-8-2017 Last Reply Date:- 11-8-2017 Goods and Services Tax – GST
Got 8 Replies
GST
Dear Experts,
\nOne of the company takes the group insurance for their employees. for the payment of premium, company deducting some portion of salary from the employees to pay the insurance premium and Insurance company will provide bill on the company name, not one the employee names. Here company collecting the premium and paying to the insurance company. Can ITC be claim on the insurance by the company as bill received on company name? What are the provisions applicable on this issue ?
\nReply By HimansuSekhar Sha:
\nThe Reply:
\nAs per sec 17(5) of the CGST A<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nt, Example: Insurance under Workman Compensation Act, Company can claim ITC. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" ITC eligibility for group insurance Query (Issue) Started By: – RameshBabu Kari Dated:- 4-8-2017 Last Reply Date:- 11-8-2017 Goods and Services Tax – GSTGot 8 RepliesGSTDear Experts, One of the company takes the group insurance for their employees. for the payment of premium, company deducting some portion of salary from the employees to pay the … Continue reading “ITC eligibility for group insurance”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6883","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6883"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6883\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nTrust above clears the doubt.
\nRegards,
\nCA Nandan Khambete
\nReply By RameshBabu Kari:
\nThe Reply:
\nThank you all
\nReply By HimansuSekhar Sha:
\nThe Reply:
\nOK
\nSir
\nReply By KIRTIKUMAR PUROHIT:
\nThe Reply:
\nif insurance is taken to fulfill Government obligation in this case ITC available on that policy other wise ITC Not available.
\nReply By Ramaswamy S:
\nThe Reply:
\nTax paid on any service used for personal consumption is not eligible for ITC (Negative List).
\nIf the service is used in the course of furtherance of business then ITC is allowed.
\nSo it is important to determine whether the service is for furtherance of business or is it for personal consumption.
\nRega<\/p>\n
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