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<h1>Input tax credit for banking companies: partial admissibility with the remaining credit required to be reversed in returns.</h1> Rule 38 requires banking companies and financial institutions opting under section 17(4) to exclude input tax credit on inputs and input services used for non business purposes and supplies excluded under section 17(5); to claim credit for items covered by the second proviso to section 17(4) not so excluded; to admit fifty per cent of the remaining input tax as credit; and to reverse the balance in the prescribed return, with related procedural filing changes noted by later notifications.
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