Banks eligible to avail CENVAT Credit on Deposit Insurance Services

ICICI Bank Limited Vs Commissioner (Bombay High Court) The insurance service provided by the Deposit Insurance Corporation to the banks is an ‘input service’ and CENVAT credit of service tax paid for this service received by the banks from the Deposit Insurance Corporation can be availed by the banks for rendering ‘output services’. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT Heard Mr. Sriram Sridharan, learned counsel for the appellant. 2. On our request Mr. Pradeep S. Jetly, learned senior counsel assisted by Mr. J. B. Mishra, learned counsel has appeared for the respondent....