Dear Expert,
we have an Society 'Godavari Mutually aided co operative society ltd', registered under societs registrations act, engaged in supply of services by way of accepting deposits ,my query is
wether the above society can avail 50% of input tax credit
as per sec 17(4) it is said that a banking company or a financial institution including NBFC , engaged in supply of services by way of accepting deposits , extending loans or advances shall have the option an amount equal to 50% .
Thanking You sir
Cooperative Society Seeks Clarity on 50% Input Tax Credit Eligibility Under GST Act Section 17(4) for Banking Functions. A cooperative society inquired whether it could avail 50% input tax credit under Section 17(4) of the GST Act, applicable to banking companies and financial institutions engaged in accepting deposits. Two experts responded affirmatively, provided the society has the necessary permissions to function like a bank. One expert expressed uncertainty about whether the society qualifies as a financial institution under the Act, suggesting professional advice to determine the best course of action between Sections 17(2) and 17(4). (AI Summary)
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