TaxTMI 
TaxTMI 
Dear Sir/Madam,
I would like to know that can we avail ITC on Bank Charges as per charged by bank from Current Account of company ???
Please help me out in this regards
Pradeep Shukla
GST CLAIMED ON BANK SERVICE
13 Nov 2019 
6 Replies 
969 Views Asked by
Input tax credit on bank charges is claimable if taxable outward supplies exist and invoice and record conditions are met.
Availability of input tax credit on bank service charges requires that the charges be incurred in the course of business and that outward supplies be taxable; if supplies are partly exempt, only proportionate credit is allowed. Claimants must possess valid tax invoices or prescribed bank debit advices, ensure GSTIN details on banking documents where applicable, and reconcile the credit with inward supply records as reflected in return schedules. (AI Summary)
Availability of input tax credit on bank service charges requires that the charges be incurred in the course of business and that outward supplies be taxable; if supplies are partly exempt, only proportionate credit is allowed. Claimants must possess valid tax invoices or prescribed bank debit advices, ensure GSTIN details on banking documents where applicable, and reconcile the credit with inward supply records as reflected in return schedules. (AI Summary)