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<h1>Input tax credit apportionment limits credit to business or taxable use and specifies blocked credits and exceptions.</h1> Section 17 limits input tax credit to the portion attributable to business use or to taxable supplies when inputs serve both taxable and exempt purposes; it prescribes that the value of exempt supplies include specified categories such as reverse charge supplies, securities transactions and sale of land, and identifies classes of inputs and services (including certain vehicles, vessels, aircraft, related services, specified personal and hospitality services, works contracts and construction on own account) for which credit is disallowed, while allowing narrowly defined exceptions and granting banks and financial institutions an optional monthly credit mechanism subject to prescribed attribution rules.
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