Can we set off service tax, paid by us to bank and insurance company, under gst.
Yes, you can…. you can set it off against respective SGST, CGST or IGST liability that arises in course of the business.
Yes, the credit can be taken provided u the bank charges and insurance are related to furtherance of business. further the ITC should be reflected in ur ST return.
Yes, by way of transition provision u can include these current taxes in GST.