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

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