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2022 (6) TMI 539 - AT - Service TaxCENVAT Credit - Service Tax paid on deposit insurance service provided by Deposit Insurance and Credit Guarantee Corporation (DICGC) - HELD THAT:- The said issue was considered by the Larger Bench of the Tribunal in the case of M/S. SOUTH INDIAN BANK VERSUS THE COMMISSIONER OF CUSTOMS, CENTRAL EXCISE AND SERVICE TAX-CALICUT [2020 (6) TMI 278 - CESTAT BANGALORE] wherein it was held that insurance service provided by DICGC to the banks is an input service and the credit of Service Tax is eligible - In the appellant’s own case M/S. INDIAN OVERSEAS BANK VERSUS COMMISSIONER OF CCE AND ST, CHENNAI [2021 (1) TMI 754 - CESTAT CHENNAI], the Tribunal, for a different period, has followed the decision of the Larger Bench and held that the credit is eligible. There are no hesitation to hold that the credit of the Service Tax paid on the basis of premium paid to DICGC is eligible. The impugned order disallowing the credit and confirming the demand, interest and penalty is set aside. Appeal allowed - decided in favor of appellant.
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