ITC of GST on Premium paid to DICGC by Banks

In re Uttar Bihar Gramin Bank (GST AAR Bihar)

Applicant is engaged in the business of banking as a regional Rural Bank. It accepts deposit from its customers. It is statutorily require to pay premium to Deposit Insurance and Credit Guarantee Corporation (DICGC) on these deposits, on which GST is collected by the DICGC. Now the bank is availing and intends continue to avail credit of GST paid, as prescribed under respective GST Acts, as it is an inward supply for the purpose of its banking business. To avoid any future litig

Please become a Premium member. If you are already a Premium member, login here to access the full content.