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of <h1>Life Insurance Premiums: No Input Tax Credit Reversal Needed for Non-Taxable Portion u/r 32(4) CGST Rules.</h1> The circular clarifies that the portion of life insurance premium not included in the taxable value under Rule 32(4) of the CGST Rules is not considered a non-taxable or exempt supply. Consequently, there is no requirement to reverse the input tax credit for this portion. The clarification ensures consistent application of the law across various field formations. The circular emphasizes that the premium portion excluded from taxable value does not qualify as an exempt supply under Section 17 of the CGST Act, and therefore, input tax credit reversal is not mandated under Rules 42 or 43 of the CGST Rules.
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