Dear members,
Please clarify whether Financial institutions can claim Input service tax credit. Financial institutions providing exempted services (i.e. interest). So I think it cannot claim service tax credit for input.
Please clarify
Thanks in advance
Hi
Generally input tax credit is used to setoff output tax liability, if no ST liability payable then no cenvat is allowed to be claimed.
So if FI is providing only exempted services no cenvat can be claimed.
Thanks//Vaibhav
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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