GST APPLICABILITY 31.05.2019

[SAFETAB LIFESCIENCE]

Dear Experts,

Is the GST charged in bank charges like Loan Processing charges, RTGs commission etc. are elgible for ITC claim

[Zahid Hussain]

Hi,

Its B2B transaction, u can claim input but only for business account not for saving account.

[KASTURI SETHI]

Yes eligible if transaction is in the course of taxable business.

AI Summary

Input tax credit on bank charges is claimable when charges relate to a business account and taxable business activity.
GST paid on bank charges (loan processing fees, RTGS commission) is claimable as input tax credit where the transactions are B2B, the charges relate to a business account rather than a savings/personal account, and the expenses are incurred in the course of a taxable business.