Deposit insurance activity of DICGC falls within ambit of ‘General Insurance Business’

Deposit Insurance and Credit Guarantee Corporation Vs Commissioner (CESTAT Mumbai) CESTAT Mumbai held that the deposit insurance activity of Deposit Insurance and Credit Guarantee Corporation, Mumbai (DICGC) falls within the ambit of section 65(105)(d) of the Finance Act, 1994 and is chargeable to Service Tax under “General Insurance Business”. Facts- The assessee (M/s. Deposit Insurance and Credit Guarantee Corporation i.e DICGC) is a subsidiary of the Reserve Bank of India (RBI), which was established under the Deposit Insurance Credit Guarantee Corporation of India Act, 1961 for the pur...