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of <h1>Financial Institutions Opting Out of Section 17(2) Must Follow Procedures for Input Tax Credit Reporting in FORM GSTR-2</h1> A banking company or financial institution, including non-banking financial companies, that opts out of complying with specific provisions of section 17(2) under section 17(4) must adhere to certain procedures. They cannot claim credit for tax paid on inputs and services used for non-business purposes or for supplies specified in section 17(5) in FORM GSTR-2. They can claim credit for tax on inputs and services as per the second proviso to section 17(4) not covered under the restrictions. Fifty percent of the remaining input tax is admissible as credit and must be reported in FORM GSTR-2. The credited amounts are subject to sections 41, 42, and 43 and will be added to the electronic credit ledger.
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