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of <h1>Goa Government Clarifies No Input Tax Credit Reversal Needed for Life Insurance Premiums Under CGST Rule 32(4.</h1> The circular from the Government of Goa clarifies that for life insurance policies, the portion of the premium not included in the taxable value as per Rule 32(4) of the CGST Rules does not pertain to a non-taxable or exempt supply. Therefore, there is no requirement for the reversal of input tax credit under Rule 42 or Rule 43 of the CGST Rules, in conjunction with Section 17 of the CGST Act. This clarification ensures uniform implementation of tax provisions concerning life insurance premiums across different jurisdictions. Any difficulties in implementing this circular should be reported to the relevant authorities.
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