Input tax credit reversal on life insurance premium excluded from taxable value is not required under GST rules. The portion of premium in life insurance policies excluded from taxable value under Rule 32(4) of the Andhra Pradesh GST Rules, 2017 is not to be treated as a non-taxable supply or exempt supply. Mere exclusion from taxable value does not make that portion exempt, and therefore input tax credit reversal is not required under Section 17 read with Rules 42 and 43 in respect of such amount.