No Requirement of ITC Reversal on Life Insurance Premium Not Included in Value as per Rule 32(4) | Circular
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Circular No.214/8/2024-GST dated June 26th, 2024
The CBIC has clarified that the amount of the premium for taxable life insurance policies, which is not included in the taxable value as determined under rule 32(4) of CGST Rules, cannot be considered as pertaining to a non-taxable or exempt supply and therefore, there is no requirement of reversal of input tax credit.
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