One 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.
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Service tax credit
Replies (2)
I don think we can take credit on the premium paid.The premium paid cannot be directly related to renting.
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.
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