https://www.taxtmi.com/article/detailed?id=12786 Supplies subject to statutory value reductions for computing taxable value (such as life insurance premium valuation adjustments and pure agent reimbursements) are taxable supplies with reduced taxable value; the excluded portion is not an exempt or non-taxable supply and therefore does not require reversal of input tax credit. A tax administration circular confirms that these value deductions are not nil rated, wholly exempt, or non-taxable, so no credit reversal is needed for the deducted portion, though blocked credits and wholly exempt receipts remain ineligible for credit. en-us Sat, 13 Jul 2024 13:28:32 +0530 Sat, 13 Jul 2024 13:28:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12786 Supplies subject to statutory value reductions for computing taxable value (such as life insurance premium valuation adjustments and pure agent reimbursements) are taxable supplies with reduced taxable value; the excluded portion is not an exempt or non-taxable supply and therefore does not require reversal of input tax credit. A tax administration circular confirms that these value deductions are not nil rated, wholly exempt, or non-taxable, so no credit reversal is needed for the deducted portion, though blocked credits and wholly exempt receipts remain ineligible for credit. Articles Goods and Services Tax - GST Sat, 13 Jul 2024 13:28:32 +0530 https://www.taxtmi.com/article/detailed?id=12786