Dear Experts,
I have a firm named as 'xyz solutions' (trade name). The firm has GST registration and I am the sole proprietor of this firm (legal name = my name).
I have a car having commercial registration with taxi passing. The vehicle is being used for public transport. Here the vehicle is registered under my name.
And here is my question, 'would i be able to claim the ITC on GST amount on buying/renewal of the motor vehicle insurance policy?'
Awaiting response, Thanks...
Debate on ITC for Motor Vehicle Insurance: Experts Discuss Section 17(5)(a) on Commercially Registered Public Transport Cars A business owner inquired about claiming Input Tax Credit (ITC) on the Goods and Services Tax (GST) for motor vehicle insurance on a commercially registered car used for public transport. Responses varied: some experts stated ITC is not allowed, referencing previous discussions, while others argued it is permissible under Section 17(5)(a) if the vehicle is used for passenger transport. Another contributor shared that their company claims ITC on insurance for company-owned vehicles. The owner expressed concern about reporting vehicle income separately as 'income from other sources' and sought further guidance. (AI Summary)
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