Sir/Madam.. Good Evening..
Special provisions of ITC incase of Banking Company & Financial Institution including NBFC
1.Is it Applicable to State Co operative Societies, Co operatives Banks and Multi state co operatives societies also or not?
2.If Applicable, whether GST paid on purchase of Office use Assets like Furniture, Air Conditioner, Computers can be claimed as ITC?
Frah Saeed Answered question June 22, 2020
- The same would be applicable, if these entities are Banking Co, FI or NBFC as per definition given under RBI Act, 1934.
- Irrespective whether special provision of 50% ITC is applicable or not credit of office assets can be availed. However same shall be subject to reversal to be determined as per Rule 42/ 43 in case supplies are both taxable and exempt.
Team Clearmytax.in
Frah Saeed Answered question June 22, 2020