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of <h1>DICGC Activities Now Taxable: Reinterpreted as 'General Insurance Business' Under Finance Act, 1994.</h1> The circular addresses the applicability of service tax on the Deposit Insurance & Credit Guarantee Corporation (DICGC). Initially, it was clarified that DICGC's activities were not subject to service tax under the Finance Act, 1994, as they did not constitute 'general insurance business.' However, upon review, it was determined that DICGC's activities do fall under this category and are therefore subject to service tax. The decision is based on statutory interpretation and definitions from related insurance legislation, concluding that DICGC's operations are akin to insurance business, thus making them taxable under the Finance Act, 1994.
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