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2020 (10) TMI 909 - AT - Service TaxCENVAT credit - input services - insurance service received by the bank from the Deposit Insurance and Credit Guarantee Corporation (DICGC) - HELD THAT:- The issue with regard to availment of cenvat credit on the disputed service was highly debatable and there were conflicting views by different benches of the Tribunal. For resolving the dispute, the Larger Bench was constituted. In the case of South Indian Bank Vs. Commissioner of Customs, Central Excise & Service Tax, Calicut, the Larger Bench of the Tribunal [2020 (6) TMI 278 - CESTAT BANGALORE] has answered the reference holding that 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’. Appeal allowed - decided in favor of appellant.
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