whether one can claim cenvat credit on service tax paid on premium of keyman insurance policy ? if yes than what is the procedure & conditions? whether any decided caselaw is available in this regard?
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CENVAT CREDIT ON SERVICE TAXON PREMIUM OF KEYMAN INS. POLICY
Replies (2)
No, keyman insurance is made for any person, hence input credit not available
Prior to 1.4.2011, the ST paid on activities related tobusiness was allowed and therefore the same maybe eligible.
After the FA 2011, the expenses related to employees are being restricted. Please see the article on cenvta credit in the article section. More information / clarity wouldbe there.
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