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GST ITC on E-way - NBFC


Soma Shekhar   27 January 2020

Soma Shekhar

 8 points

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GST Input Tax Credit on E-way bill inter state supply with same Pan no.

can we take 100% input if we are NBFC?

avater

Pankaj Rawat (GST Practitioner)     28 January 2020

Pankaj Rawat
GST Practitioner 
 3523 likes  47718 points

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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

avater

Pankaj Rawat (GST Practitioner)     28 January 2020

Pankaj Rawat
GST Practitioner 
 3523 likes  47718 points

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** if you have opted to excercise option 1 , then CANNOT CLAIM ITC 


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