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of <h1>Insurance Companies Can Claim ITC on Motor Vehicle Repairs if Invoices are in Their Name, Per New Circular.</h1> The circular clarifies the entitlement of Input Tax Credit (ITC) for insurance companies on expenses incurred for motor vehicle repairs under the reimbursement mode of claim settlement. Insurance companies can avail ITC for repair services when invoices are issued in their name, even if the insured initially pays and is later reimbursed. ITC is available only to the extent of the approved claim cost reimbursed by the insurance company. If invoices are not in the insurance company's name, ITC is not available. The circular aims to ensure uniform application of these provisions across field formations.
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