Service tax paid on re-insurance allowable as input service under CENVAT Credit Rules

Commissioner of Central Goods And Service Tax Vs Shriram General Insurance Company Limited (Rajasthan High Court) IRDA has issued the re­insurance regulation for re-insurance of general insurance business. One of the directions issued by the IRDA in exercise of powers conferred under Section 34 of the Insurance Act was for creation of an insurance pool. All general insurers registered to carry on general insurance business were directed to collectively participate in a pooling arrangement to share all motor third party insurance business underwritten by any of the registered general insurers....