https://www.taxtmi.com/caselaws?id=446751 A bank was held entitled to Cenvat credit of service tax paid on insurance premium remitted to the Deposit Insurance and Credit Guarantee Corporation. The reasoning treated deposit insurance as a statutory requirement closely connected with the carrying on of banking business, which depends on accepting deposits and making loans. On that basis, the premium was found to have a direct nexus with the bank's taxable business operations and to qualify as an eligible input service for credit purposes. en-us Thu, 07 Sep 2023 00:00:00 +0530 Sun, 10 Dec 2023 22:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446751 A bank was held entitled to Cenvat credit of service tax paid on insurance premium remitted to the Deposit Insurance and Credit Guarantee Corporation. The reasoning treated deposit insurance as a statutory requirement closely connected with the carrying on of banking business, which depends on accepting deposits and making loans. On that basis, the premium was found to have a direct nexus with the bank's taxable business operations and to qualify as an eligible input service for credit purposes. Case-Laws Service Tax Thu, 07 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446751