Examveda
Examveda

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.

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Comments ( 1 )

  1. ASHISH UPADHYAY
    ASHISH UPADHYAY :
    3 years ago

    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.

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