Not sure if shortcuts to remember blocked credit list is there or not but I have created my own shortcut to remember the list. It covers maximum services that fall under Blocked credit under section 17(5) of CGST Act.
Shortcut Keywords is:
BMW and HPCL has CONFIRM CTC.
1) B- Beauty treatment
2) M- Motor vehicle
3) W- Works contract
4&5) H- Health insurance and Health services
6) P- Personal consumption
7) C- CSR expense
8) L- Lost,stolen,written off,disposed off by gift or free samples
9) C- Composition dealer
10) O- Outdoor catering
11) N- G/S received by NRTP*
12) F- Foods and beverage
13) I- Insurance of life (Life insurance)
14) R- Rent-A-Cab service
15) M- Membership of club,health and fitness center
16) C- Cosmetics and plastic surgery
17) T- Travel benefits to employees
18) C- Construction of Immovable property
I think this list may be useful for CA final students as well. So pls share with them. Also there are some exceptions as well in list but this shortcut is only to remember the services falls under blocked credit.
CAclubindia
