https://www.taxtmi.com/caselaws?id=762703 CESTAT Mumbai held that banks can claim CENVAT credit on service tax paid for deposit insurance premiums to DICGC. The tribunal ruled that registration with DICGC is compulsory for all banks under Banking Regulation Act, and insurance premium payment is mandatory to maintain banking license from RBI. Since premium payment is integral to banking operations and constitutes input service for providing banking services, banks are entitled to CENVAT credit. The impugned orders were set aside and appeals allowed. en-us Tue, 03 Dec 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762703 CESTAT Mumbai held that banks can claim CENVAT credit on service tax paid for deposit insurance premiums to DICGC. The tribunal ruled that registration with DICGC is compulsory for all banks under Banking Regulation Act, and insurance premium payment is mandatory to maintain banking license from RBI. Since premium payment is integral to banking operations and constitutes input service for providing banking services, banks are entitled to CENVAT credit. The impugned orders were set aside and appeals allowed. Case-Laws Service Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762703