Circular No. 214/8/2024-GST: Clarification on Input Tax Credit Reversal for Life Insurance Premiums

CIRCULAR NO. 214/8/2024-GST [F.NO. CBIC-20001/4/2024-GST],SECTION 15 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – VALUE OF TAXABLE SUPPLY – CLARIFICATION ON REQUIREMENT OF REVERSAL OF INPUT TAX CREDIT IN RESPECT OF PORTION OF PREMIUM FOR LIFE INSURANCE POLICIES WHICH IS NOT INCLUDED IN TAXABLE VALUECIRCULAR NO. 214/8/2024-GST [F.NO. CBIC-20001/4/2024-GST], DATED 26-6-2024Representations have been received from the trade and field formations seeking clarification on the issue as to whether the amount of insurance premium, which is not included in the...

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