https://www.taxtmi.com/circulars?id=70828 Input tax credit reversal is not required for the portion of premium excluded from taxable value under rule 32(4) of the Gujarat GST Rules for taxable life insurance policies. Premium allocated towards investment or savings is excluded under the prescribed valuation mechanism, but this exclusion does not make that amount an exempt or non-taxable supply. Since life insurance service remains taxable and is neither nil-rated nor wholly exempt, the input tax credit restrictions applicable to exempt supplies do not apply to the excluded premium portion. en-us Mon, 15 Jul 2024 00:00:00 +0530 Tue, 18 Aug 2026 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=70828 Input tax credit reversal is not required for the portion of premium excluded from taxable value under rule 32(4) of the Gujarat GST Rules for taxable life insurance policies. Premium allocated towards investment or savings is excluded under the prescribed valuation mechanism, but this exclusion does not make that amount an exempt or non-taxable supply. Since life insurance service remains taxable and is neither nil-rated nor wholly exempt, the input tax credit restrictions applicable to exempt supplies do not apply to the excluded premium portion. Circulars GST - States Mon, 15 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=70828