Reversal of input tax credit clarified: non includible portion of life insurance premium is not treated as exempt supply. The portion of life insurance premium excluded from taxable value under Rule 32(4) is not a nil rated, exempted or non taxable supply merely by virtue of its exclusion; accordingly, that portion does not trigger reversal of input tax credit under the reversal provisions applicable when supplies are exempt or non taxable, and no reversal is required for taxable life insurance policies.