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of <h1>Input Tax Credit Rules Limit Credit Claims Based on Business Use, Exempt Supplies, and Specific Goods and Services</h1> The statutory provision details input tax credit restrictions in the Goods and Services Tax Act. It outlines rules for apportioning tax credits when goods or services are used partially for business and partially for other purposes. The section specifies conditions for claiming credits, including limitations for exempt supplies, financial institutions, and specific categories of goods and services. It prohibits input tax credit for certain items like personal vehicles, entertainment expenses, construction services, and goods used for non-business purposes, with some exceptions for specific taxable supplies.
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