bank input tax credit

bank has taken input tax credit 50%
and remaining 50% input tax credit how to book in account what is process
Replies (3)
As per section 17 CGST Act

4] A banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances shall have the option to either comply with the provisions of sub-section [2], or avail of, every month, an amount equal to fifty per cent. of the eligible input tax credit on inputs, capital goods and input services in that month and the rest shall lapse:

Hence can transfer 50% laps ITC to P&l Account.
dear sir ....I checked section 17 there is mention about 50% of input tax credit but not mention about remaining 50% of input tax credit transfer to profit and loss account

its return rest 50% will lapse, now what will you do the lapse itc either c/f to next year or transfer it p&l  account, so its better to add to the cost & transfer it to p&l account

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