ITC on GST paid on Life Insurance Premium?

[gvenugopal g]

Sirs,

GST @1.80% on premium paid for life insurance policy of proprietor (Proprietary Concern) , can ITC be availed?

AI Summary

Proprietors can't claim GST Input Tax Credit on life insurance premiums under Section 17(5)(b)(iii) without exceptions. A query was raised regarding the eligibility to claim Input Tax Credit (ITC) for GST paid on the life insurance premium of a proprietor in a proprietary concern. Two responses clarified that ITC cannot be claimed for this expense. It was noted that Section 17(5)(b)(iii) of the GST law specifically excludes ITC claims for life insurance, rent-a-cab, and health insurance, unless specific exceptions apply, which the inquirer does not appear to meet.