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of <h1>Banking and financial institutions under Section 17(4) GST: 50% ITC admissible, balance to be reversed in GSTR-3B</h1> A banking company or financial institution that elects the option under section 17(4) shall not claim input tax credit (ITC) on inputs and input services used for non-business purposes or on supplies excluded by section 17(5); it may claim ITC on items covered by the second proviso to section 17(4) not falling within those exclusions; fifty percent of the remaining input tax is admissible as ITC and the balance must be reversed in FORM GSTR-3B. Certain prior procedural and filing provisions have been omitted or substituted by later notifications.
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