Cenvat Credit eligible on Service Tax paid on Deposit Insurance Service

Indian Overseas Bank Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai)

The issue that arises for our consideration is whether the credit availed by the appellant-bank on the Service Tax paid on the basis of the premium paid to DICGC for insuring deposits is eligible for CENVAT Credit or not.

The said issue was considered by the Larger Bench of the Tribunal in the case of M/s. South Indian Bank (supra) wherein it was held that insurance service provided by DICGC

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