TMI BlogApportionment of Input tax Credit (Section 17 of CGST Act)X X X X Extracts X X X X X X X X Extracts X X X X ..... s or services or both are used by the registered person partly for the purpose of any business and partly for other purposes, the amount of credit shall be restricted to so much of the input tax as is attributable to the purposes of his business. As per section 17(6) of CGST Act, The Government may prescribe the manner in which the credit referred to in sections 17(1) of CGST Act may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of tax . such supply of goods or services or both which may be wholly exempt from tax , Non taxable supply , Supplies on which the recipient is liable to pay tax on reverse charge basis , Transaction in securities ( value of security for GST shall be taken as 1% of sale value of such security) , sale of land, ( value of sale of land for GST shall be taken as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Financial institution or Non-banking financial company [ Section 17(4) of CGST Act Read With Rule 38 of CGST Rules] A banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances shall have the option to either comply with the provisions of section 17(2) of CGST Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condition known as block credit . [ Section 17(5) of CGST Act] As per section 17(6) of CGST Act , The Government may prescribe the manner in which the credit referred to in sections 17(1) and (2) of CGST Act may be attributed. Manner of determination of ITC in respect of inputs and inputs services and reversal thereof under sections 17(1) and (2) of CGST Act - Rule 42 of C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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