https://www.taxtmi.com/caselaws?id=765030 CENVAT credit was held admissible on service tax paid on the mandatory premium remitted to the Deposit Insurance and Credit Guarantee Corporation for deposit insurance cover required to carry on banking business. The premium had a direct and integral nexus with the taxable output service, so the underlying service was treated as an input service for credit purposes. The reasoning followed settled Larger Bench and High Court authority recognising that credit is available where a service is mandatorily required for the output activity and the mechanism prevents double taxation. Denial of credit was therefore unsustainable. en-us Wed, 22 Jan 2025 00:00:00 +0530 Thu, 23 Jan 2025 14:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765030 CENVAT credit was held admissible on service tax paid on the mandatory premium remitted to the Deposit Insurance and Credit Guarantee Corporation for deposit insurance cover required to carry on banking business. The premium had a direct and integral nexus with the taxable output service, so the underlying service was treated as an input service for credit purposes. The reasoning followed settled Larger Bench and High Court authority recognising that credit is available where a service is mandatorily required for the output activity and the mechanism prevents double taxation. Denial of credit was therefore unsustainable. Case-Laws Service Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765030