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Issues: Whether a bank is entitled to CENVAT credit of service tax paid on deposit-insurance premium.
Analysis: Registration with the deposit-insurance corporation and payment of premium are necessary for a bank to render Banking and Other Financial Services. The insurance service received for this purpose is an input service used for providing the output service.
Conclusion: CENVAT credit of the service tax paid on deposit-insurance premium is admissible to the bank, in favour of the assessee.
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