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of <h1>Section 17 amended: clarify exempt supply value and restrict input tax credit for vehicles, vessels, aircraft, and specified services</h1> Section 17 is amended to clarify that 'value of exempt supply' excludes activities listed in Schedule III except paragraph 5, and to revise input tax credit restrictions: credit is generally disallowed for motor vehicles (seating =13), vessels and aircraft, and related insurance/servicing, except when used for further supply, passenger transport, or training, or for goods transport (vessels/aircraft), or when received by manufacturers or suppliers of insurance for those assets. Further, credit is restricted for specified supplies (food/drinks, catering, cosmetic/plastic surgery, leasing/renting/hiring of such vehicles/vessels/aircraft, life/health insurance, club/fitness memberships, employee travel benefits) with carve-outs where used to make similar taxable supplies or if legally obligatory for employers.
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