Banking company or Financial Institution have an option of claiming ITC:
A. Actual Credit or 50% credit
B. Only 50% Credit
C. Only cctual credit
D. Actual credit and 50% credit
Answer: Option A
Solution (By Examveda Team)
Banking companies or financial institutions have an option for claiming the ITC on the deposits and loans or advances to comply with actual rules or claim the 50% of the total ITC available in each month and the rest will lapse.Join The Discussion
Comments (1)
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under this circumtances comply sec 17(2) or every month, an amount aqual to 50% for ITC..... AS PER SEC. 17(4) OF ITC OF CGST ACT.