https://www.taxtmi.com/circulars?id=70625 Input tax credit reversal is not required for the portion of premium excluded from taxable value under Rule 32(4) for taxable life insurance policies. Premium allocated to investment or savings is excluded under the valuation mechanism but does not become an exempt or non-taxable supply. The life insurance service remains taxable, and exclusion of consideration from taxable value does not change its tax character. Accordingly, the credit-reversal provisions applicable to exempt supplies do not apply to such excluded premium. en-us Tue, 09 Jul 2024 00:00:00 +0530 Sat, 01 Aug 2026 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=70625 Input tax credit reversal is not required for the portion of premium excluded from taxable value under Rule 32(4) for taxable life insurance policies. Premium allocated to investment or savings is excluded under the valuation mechanism but does not become an exempt or non-taxable supply. The life insurance service remains taxable, and exclusion of consideration from taxable value does not change its tax character. Accordingly, the credit-reversal provisions applicable to exempt supplies do not apply to such excluded premium. Circulars GST - States Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=70625