Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value https://www.taxtmi.com/circulars?id=67753 The portion of life insurance premium excluded from taxable value under Rule 32(4) is a valuation exclusion and is not a non-taxable or exempt supply; therefore, reversal of input tax credit under Section 17(1)/(2) read with Rules 42 and 43 is not required in respect of that excluded amount. en-us Tue, 30 Jul 2024 00:00:00 +0530 Fri, 23 Aug 2024 18:12:00 +0530 TaxTMI RSS Generator Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value https://www.taxtmi.com/circulars?id=67753 The portion of life insurance premium excluded from taxable value under Rule 32(4) is a valuation exclusion and is not a non-taxable or exempt supply; therefore, reversal of input tax credit under Section 17(1)/(2) read with Rules 42 and 43 is not required in respect of that excluded amount. Circulars GST - States Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67753