Input Tax Credit on Life Insurance Premiums: No Reversal Needed u\/r 42 of CGST Rules.
Circulars
GST
The circular clarifies the treatment of input tax credit in relation to life insurance premiums not included in taxable value. The circular explains that such premiums are not to be considered as pertaining to a non-taxable or exempt supply under the CGST Act. As per the Insurance Act, life insurance policies may include an investment component, but the portion of premium not included in <\/p>\n
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