https://www.taxtmi.com/forum/issue?id=115533 Whether reversal of input tax credit arises when an insurer refunds excess premium but does not refund the corresponding GST. If the insurer issues a financial credit note without GST the refund is an adjustment to the original supply and reversal of ITC is not required; if a credit note carries GST the supplier must account for GST on that credit note. A contrary position suggests the entitlement proviso could require reversal if the supply is treated as not having occurred. en-us Tue, 15 Oct 2019 14:13:42 +0530 Thu, 23 Jan 2025 15:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=115533 Whether reversal of input tax credit arises when an insurer refunds excess premium but does not refund the corresponding GST. If the insurer issues a financial credit note without GST the refund is an adjustment to the original supply and reversal of ITC is not required; if a credit note carries GST the supplier must account for GST on that credit note. A contrary position suggests the entitlement proviso could require reversal if the supply is treated as not having occurred. Discussion-Forum GST Tue, 15 Oct 2019 14:13:42 +0530 https://www.taxtmi.com/forum/issue?id=115533