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.
Related Questions on GST