Can we take GST credit of Insurance policy on Building/ Staff insurance/ standard risk policy? How can we decide about the eligiblity/in eligibility of ITC on insurance policies?

Reply-

1) ITC on insurance of Building- As section 17(5) of CGST Act does not block the input on building Insurance, taxpayer is eligible to take GST input paid on building Insurance.

2) ITC on staff insurance- As per section 17(5)(b)(iii) input tax credit shall not be available in respect of life Insurance and health Insurance except where government notifies such services obligatory for an employer to provide its employee under any law. So, ITC cannot be claimed until unless it is made compulsory for employers.