We are the manufacturer of chemicals having factories all over maharashtra state. We take insurance policies to cover the risk of fire, & other statndard perils under incurance act to safeguard our Plant, Building, stocks etc.
The service tax paid on insurance premium to general insurance company can be available as set off/ credit treating it as input service, particularly for the period commencing on 01.04.2012 ro 31.03.2013 ?
Eligibility of Service Tax Credit on Insurance Premiums for Manufacturing Companies Explained for 2012-2013 Period A chemical manufacturing company in Maharashtra inquired about the eligibility of claiming service tax credit on insurance premiums paid for policies covering fire and other perils. They sought clarification on whether this could be treated as an input service for the period from April 1, 2012, to March 31, 2013. The response indicated that such service tax credit is eligible if it relates to manufacturing, provision of taxable services, procurement of inputs, or transportation of inputs and final products. (AI Summary)
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