TaxTMI 
TaxTMI 
Sirs,
GST @1.80% on premium paid for life insurance policy of proprietor (Proprietary Concern) , can ITC be availed?
ITC on GST paid on Life Insurance Premium?
10 Feb 2018 
2 Replies 
8155 Views Asked by
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. (AI Summary)
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. (AI Summary)