GST ITC for Bank Charges

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1238 Points Posted on 16 June 2020
Dear Friends,

We are receiving GST Invoices from our Banks against Foreign Remittance. Can we take ITC claims for the same ?...
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On 16 June 2020 at 20:15 Report
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Quick Summary
This discussion clarifies whether businesses can claim Goods and Services Tax (GST) Input Tax Credit (ITC) on bank charges, particularly for foreign remittances. The consensus is that ITC is generally available for bank charges, provided they are incurred in the course or furtherance of business, as per Section 16 of the CGST Act. For details on ineligible credits, refer to Section 17(5) of the CGST Act.

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Designation
771 Points Posted on 16 June 2020
Yes you can avail ITC.
1 Reply
On 16 June 2020 at 20:42
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4215 Points Posted on 16 June 2020
No doubt you may avail the ITC
2 Reply
On 16 June 2020 at 21:32
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GST Practitioner
55067 Points Posted on 16 June 2020
Yes offcourse the ITC is available.
(As per Section 16 of CGST it's being used course of business)
1 Reply
On 16 June 2020 at 23:15
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1238 Points Posted on 17 June 2020
Thanks a lot to all. Anyone can share me the link for downloading ineligible ITC.
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On 17 June 2020 at 06:51
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44 Points Posted on 17 June 2020
Refer section 17 (5) of cgst act for list of inelgible credits under gst
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On 17 June 2020 at 10:23
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Student
23693 Points Posted on 17 June 2020
Yes you can claim GST ITC on Bank Charges provided it is in the course or furtherance of business ( Section 16(1) of the CGST Act 2017 ).

You can refer the CBIC website to download the Bare GST Act ( where you will find the latest list of BLOCKED CREDIT/INELIGIBLE CREDIT u/s 17(5) ).
1 Reply
On 17 June 2020 at 17:19

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