No ITC Reversal on Non-Taxable Portion u/r 32(4) of GST Rules required for Life Insurance Premiums: CBIC issues Circular [Read Circular]
Rule 42 of the CGST Rules mandates input tax credit reversal only for supplies partly used for taxable and exempt purposes
By Manu Sharma - On June 27, 2024 11:56 am - 2 mins read
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a Clarification on the requirement of reversal of ITC in respect of the portion of the premium for life insurance policies which is not included in taxable value, stating that no Input Tax Credit ( ITC ) is Reversal required for Non-Taxable…
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