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of <h1>Section 17 GST Law: Limits on Input Tax Credit, Blocked Credits, and Special Rules for Financial Institutions.</h1> Section 17 of the Model GST Law outlines the apportionment of input tax credit and specifies blocked credits. It mandates that input tax credit is limited to business-related use of goods/services. For mixed-use goods/services, credit is restricted to taxable supplies, including zero-rated ones. Banking and financial institutions can claim 50% of eligible input tax credit monthly. The section also lists instances where input tax credit is unavailable, such as for motor vehicles (with exceptions), certain services (e.g., catering, health), works contracts for immovable property, personal consumption, and goods lost or given as gifts. The government may prescribe credit attribution methods.
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