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of <h1>Section 17 MGST Act: Rules on Input Tax Credit, Restrictions, and Exceptions for Business, Vehicles, and More.</h1> Section 17 of the Maharashtra Goods and Services Tax Act, 2017, outlines the apportionment and restriction of input tax credit. It specifies that input tax credit is available only for the portion of goods or services used for business purposes or taxable supplies, including zero-rated supplies. Certain credits are blocked, such as those related to motor vehicles, food services, club memberships, and construction of immovable property, among others. Financial institutions have specific options for credit apportionment. The section also details exceptions and conditions under which input tax credit is not available, such as personal consumption or goods lost or disposed of as gifts.
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