I am a nil-rate supplier. Can I claim ITC for bank charges?
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Quick Summary
This discussion clarifies whether nil-rate suppliers can claim Input Tax Credit (ITC) for bank charges. The consensus is no, you cannot claim ITC on bank charges if you are a nil-rate supplier. Nil-rated supplies are specific essential goods or services exempted by the government to serve public interest.
Nil rated supplies are , certain essential goods or services are kept Nil rated in the interest of the public by the Govt , on the recommendation of the GST council .