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?

[Alkesh Jani]

Sir, you cannot claim ITC in this regards, it is specifically mentioned at Section 17(5)(b)(iii) rent-a-cab, life insurance and health insurance, assuming that you do not fall under exception under (A) and/or(B) of the above mentioned Section.

[Ganeshan Kalyani]

credit is not allowed .

AI Summary

Input tax credit on life insurance premiums: generally ineligible under GST provisions, subject to narrow statutory exceptions. GST paid on life insurance and health insurance premiums is treated as blocked credit and ordinarily not eligible for input tax credit; this exclusion operates subject to narrowly drawn statutory exceptions, so a proprietorship cannot claim ITC on such premiums unless an applicable exception is clearly satisfied.