𝗖𝗘𝗦𝗧𝗔𝗧 𝗕𝗮𝗻𝗴𝗮𝗹𝗼𝗿𝗲 𝗥𝘂𝗹𝗶𝗻𝗴 𝗼𝗻 𝗖𝗲𝗻𝘃𝗮𝘁 𝗖𝗿𝗲𝗱𝗶𝘁 𝗼𝗳 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗧𝗮𝘅 📢 The Tribunal stated: "Insurance services provided to the appellant must be considered as 'input service' under Cenvat Credit Rules, 2004."

🔍 𝗙𝗮𝗰𝘁𝘀: 𝗖𝗼𝗺𝗽𝗮𝗻𝘆: M/s Kalyan Jewellers India Limited 𝗣𝗿𝗼𝗰𝗲𝗲𝗱𝗶𝗻𝗴𝘀: The appellant took Cenvat credit of service tax paid by the insurance company on the premiums for a master insurance policy, which was denied by the lower authority, stating the service was not eligible as input service.

⚖️ 𝗜𝘀𝘀𝘂𝗲: Whether the appellant is eligible for Cenvat credit on the service tax paid by M/s Oriental Insurance Co. Ltd. on the master insurance policy?

⚖️ 𝗝𝘂𝗱𝗴𝗲𝗺𝗲𝗻𝘁: The Tribunal cited the M/s South Indian Bank case, recognizing insurance services as input services eligible for Cenvat credit. It also referenced the PNB Metlife India Insurance Co. Ltd. case, affirming that insurance policy issuance qualifies for credit. Consequently, the Tribunal ruled in favor of the appellant, allowing the appeal.

𝗖𝗮𝘀𝗲 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗧𝗶𝘁𝗹𝗲: M/s Kalyan Jewellers India Limited vs. Commissioner of Central Tax & Central Excise, Cochin and C.C., C.E. & S.T., Calicut 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗧𝗮𝘅 𝗔𝗽𝗽𝗲𝗮𝗹 𝗡𝗼. 20406 of 2020 𝗢𝗿𝗱𝗲𝗿 𝗗𝗮𝘁𝗲: 08 February 2024

📜 This ruling affirms the eligibility of Cenvat credit for service tax paid on insurance premiums in certain business transactions.