Input tax credit reversal on life insurance premium excluded from taxable value is not required under the GST valuation rules. Premium allocated for investment or savings under life insurance policies and excluded from taxable value under Rule 32(4) is not an exempt or non-taxable supply merely because it is excluded from valuation. The excluded portion of premium in taxable life insurance policies does not require reversal of input tax credit under Section 17(1) and (2) read with Rules 42 and 43, as reversal applies only where credit relates to exempt supplies or mixed use.