CA Gaurav Ajit Potdar (Chartered Accountant) (846 Points)
19 November 2013One of our client a PROPRIETOR providing renting of immovable property service. has paid insurance premium (LIC), now i want to know wether the credit of Service tax paid on LIC premium be taken/utilised.
If possible please provide any circular or case laws regarding this.
R.Bharath Kumar
(Finance Superintendent)
(22 Points)
Replied 19 November 2013
CA VIRAL SANGHVI
(Finance head)
(681 Points)
Replied 20 November 2013
As per Rule 2(1) of Cenvat Credit Rules, Which defines " Input Service" has exclusion clause as follows -
outdoor catering, beauty treatment, health services, cosmetic and plastic surgery, membership of a club , health and fitness centre, life Insurance , Health Insurance.
so cenvat credit can not be allowed on LIC.
CAclubindia
