GST Input Tax Credit on E-way bill inter state supply with same Pan no.
can we take 100% input if we are NBFC?
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GST ITC on E-way - NBFC
Replies (2)
Quick Summary
As per Section 17 ,read with Rule 3 , The banking institution, NFBC has 2 option to avail ITC :
1. Avail every month an amount equal to 50% of eligible input tax credit on inputs, capital goods and input services in that month and the rest shall lapse.
2.Take Input tax as is attributable to the taxable supply only (not for exempted supply) (As per Section 17(2))
As per 2nd Provisio under Section 17(4) , IF YOU HAVE OPTED FOR 1st Option above , you can claim ITC on supplies under Same PAN.
And of opted 2nd option , then yes you can claim ITC
1. Avail every month an amount equal to 50% of eligible input tax credit on inputs, capital goods and input services in that month and the rest shall lapse.
2.Take Input tax as is attributable to the taxable supply only (not for exempted supply) (As per Section 17(2))
As per 2nd Provisio under Section 17(4) , IF YOU HAVE OPTED FOR 1st Option above , you can claim ITC on supplies under Same PAN.
And of opted 2nd option , then yes you can claim ITC
** if you have opted to excercise option 1 , then CANNOT CLAIM ITC
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