FUTURE Insurance Ltd. is an insurance company providing life and general insurance services across India. The company has been carrying on its…

FUTURE Insurance Ltd. is an insurance company providing life and general insurance services across India. The company has been carrying on its business for the past three years with the approval of IRDA. FUTURE Insurance Ltd. secure its business through various insurance agents spread across India. Those agents include individuals, firm, LLP and private limited company also. However, all of them are licensed under the Insurance Act. The company availed services of renting of motor vehicles for its employees in PAN India through ‘RR Travels Private Limited', where cost of fuel is included in the consideration charged. The service provider charged 5% GST and informed the company that it is claiming ITC only in respect of the same line of business. FUTURE Insurance Ltd. provided the following details of insurance business for the month of May- SI. No. Nature of receipt Amount in ₹ i. Premium received on Pradhan Mantri Jan Dhan Yojana 5,00,000 ii. Premium received on Aam Aadmi Bima Yojana 3,00,000 iii. Premium received on Life micro-insurance product having a sum assured of 2.50 lakh 4,00,000 iv. Premium received on reinsurance of Group Personal Accident Policy for Self-Employed Women 1,00,000 v. Premium received on Fire and Special perils policy of various business units 7,00,000 vi. Premium received on Money-back policies issued 12,00,000 FUTURE Insurance Ltd. received the following supplies in the month of May and the details of GST paid on such supplies are as follows- i GST paid on purchase of car for use of Managing Director -5,00,000 ii GST paid on bus (seating capacity for 14 persons) purchased by the company for transportation of its employees from their residence to office and back - 3,00,000 iii GST of 80,000 was paid on general insurance taken from Amity Insurance Ltd. for motor vehicles for transportation of persons with seating capacity ≤ 13 persons (including the driver) which were used in transportation of staff of the company. All the amounts given above are exclusive of taxes wherever applicable. All the supplies referred above are intra-State unless specified otherwise. Aggregate turnover of the company is not less than 10 crores for the past three years. Conditions necessary for availment of ITC are fulfilled subject to the information given. Values given in the question, wherever required, are in accordance with the relevant CGST Rules, 2017. Based on the facts of the case scenario given above, choose the most appropriate answer to Q. Nos. 1 to 3 below: