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of <h1>Section 17 of Karnataka GST Act: Rules on ITC Apportionment, Blocked Credits, and Special Provisions for Financial Institutions.</h1> Section 17 of the Karnataka Goods and Services Tax Act, 2017, outlines the apportionment of input tax credit (ITC) and specifies blocked credits. It restricts ITC to business-related usage and taxable supplies, including zero-rated supplies, while excluding exempt supplies. Special provisions apply to banking and financial institutions, allowing them to claim 50% of eligible ITC monthly. ITC is not available for certain items, such as motor vehicles, food and beverages, club memberships, and construction services, unless used for specific taxable supplies. The section also details exceptions and conditions under which ITC may be claimed or denied.
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