https://www.taxtmi.com/caselaws?id=459293 CESTAT Mumbai ruled that banking institutions are entitled to CENVAT credit on service tax paid for insurance premiums to DICGC for deposit insurance. The Tribunal relied on a Larger Bench decision in South Indian Bank vs. Commission of Customs, which held that deposit insurance services constitute input services under CENVAT Rules as they are used by banks for providing output services. Banks having complied with Rule 6(3B) reversal requirements can avail the credit. The appeals were directed to Division Bench for hearing. en-us Tue, 04 Jun 2024 00:00:00 +0530 Sat, 07 Dec 2024 11:37:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459293 CESTAT Mumbai ruled that banking institutions are entitled to CENVAT credit on service tax paid for insurance premiums to DICGC for deposit insurance. The Tribunal relied on a Larger Bench decision in South Indian Bank vs. Commission of Customs, which held that deposit insurance services constitute input services under CENVAT Rules as they are used by banks for providing output services. Banks having complied with Rule 6(3B) reversal requirements can avail the credit. The appeals were directed to Division Bench for hearing. Case-Laws Service Tax Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459293