AS PER MY OPINION - YOU SHOULDN'T CLAIM GST CREDIT FOR TV PURCHASED, RATHER YOU SHOULD CLAIM DEPRECIATION. (Assuming that you are registered under GST Act,it is not personal asset and payment is made through other than cash mode.)
Starting of with the answer yes you can claim the GST amount that you have paid on the insurance of your car provided that you follow the following conditions. The invoice of the insurance is in the name of business and the GST number of your business is clearly mentioned on the invoice.
Negative list means the list of services which are exempt from service tax. As per Section 66B of Finance Act, 1994, service tax shall be levied on all services, except the services specified in the negative list.
The following conditions have to be met to be entitled to Input Tax Credit under the GST scheme: One must be a registered taxable person. One can claim Input Tax Credit only if the goods and services received is used for business purposes. Input Tax Credit can be claimed on exports/zero-rated supplies and are taxable.
Input tax credit for the above-mentioned situations can be claimed only if it does not exceed one year from the tax invoice date of issue related to supply. b) Due date of filing the monthly return (GSTR-3) for the next financial year's September month. Thus till 20th October 2018, ITC must be availed.
GST of 18 per cent is charged on the premium paid for health insurance, as per the prevailing regulations. Thus, a substantial amount of GST, which is applicable to the basic premiums, in both the cases, can be claimed for getting tax saving deduction benefit under section 80D.
GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180.
GST is essentially a charge for the supply of services under the life insurance policy, replacing the services tax, so the calculation goes on amounts as under: The gross premium minus the amount allocated for investment, or savings on behalf of the policyholder, if such amount is informed to the policyholder.
In other cases, 25 percent of the premium for the first year and 12.5 percent of the premium in the upcoming years will be charged. For example, if an endowment plan's premium is Rs. 100, then the 18 percent GST would be levied on the 25 percent of premium (which would be Rs. 25) the GST would be Rs.
According to specific provisions under GST law, a statement issued by a bank can be treated as a tax invoice. Accordingly, you should be eligible to claim input tax credit, based on a statement issued by the bank, as long as it contains all the prescribed particulars, including your GST registration number.
For all other cases, the GST is calculated at 25% for 1st year and 12.5% for 2nd year onwards on the premium charged. Therefore, as far as GST on life insurance premium is concerned, the rate stands at 25% of the premium of the first year and 12.5% of the premium in subsequent years is considered for tax calculation.
No ITC is allowed on services of general insurance, servicing, repair and maintenance in so far as they relate to motor vehicles, vessels or aircraft referred to in (1).
All you need to do is select the plan you are planning to avail and enter details such as your age, policy term and sum assured and click on the 'calculate tab'. You will be able to figure out the total premium.
Instalment Premium: This is the paid premiums without any service tax that is required to be entered.
How to pay LIC premium online
- Through LIC's website.
- Step 1: Select the 'Premium Payment' option for making a payment.
- Step 2: A pop-up will appear on your computer screen illustrating the premium payment process, click on 'proceed'.
- Step 3: You will be required to enter details such as policy number, instalment premium (excluding taxes) and so on.
ITC of GST charged in a Hotel Bill can be claimed by the Buyer. However, the Place of Supply in case of Hotel business is the location of the Hotel.
GST of 18 per cent is charged on the premium paid for health insurance, as per the prevailing regulations. Tax benefit can be claimed under section 80D of the Income Tax Act for the payment made for health insurance policies.
Insurance uses probability and the law of large numbers to determine the cost of insurance premiums it charges its clients based on various risk factors. The rate must be sufficient for the company to pay claims in the future, pay its expenses, and make a reasonable profit, but not so much it turns away customers.
Adding LIC premium in your tax return. Life insurance premium payments can be claimed as deduction under Section 80C subject to a maximum limit of Rs. 1,50,000. The only condition is the premium must be less than 10% of the sum assured.
