Input tax credit reversal clarified for life insurance premium portions excluded from taxable value under GST administration. Clarification is issued on the reversal of input tax credit in relation to the portion of premium for life insurance policies that is not included in the taxable value. The instruction is intended to ensure uniform implementation of the GST provisions across field formations and follows the clarification issued by the Central Board of Indirect Taxes and Customs on the same subject. The State tax authorities are directed to follow the guidelines contained in the referenced circular for administering this issue under the State GST law.