- Circular No. 214/8/2024-GST clarifies reversal requirement of input tax credit on portion of premium for life insurance policies
- Definition of “life insurance business” under Section 2(11) of Insurance Act, 1938 explained
- Premium amount for taxable life insurance policies excluded from taxable value under Rule 32(4) of CGST Rules does not require reversal of input tax credit
- Rule 42 of CGST Rules allows for reversal of input tax credit in specific circumstances
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "India"
- India Cuts GST on Renewable Energy to 5%, Boosting Solar Affordability and Green Jobs
- Telangana Deputy CM Urges Traders to Pass GST Rate Benefits to Public for Economic Growth
- Indian CBEC Clarifies GST Treatment of Post-Sale Discounts and Input Tax Credit Eligibility
- 5% GST on Salons, Gyms, Yoga Classes Mandatory from September 22, Says CBIC
- CBIC Clarifies: No Input Tax Credit for Insurers on Brokerage and Commission Under New GST Rules
