Split air conditioner classification depends on capacity and refrigeration characteristics, with the specific tariff entry overriding the general desc...
Anti-circumvention measures require provisional assessment and guarantees for Malaysian-exported rock breakers, specified components and alloy steel t...
Audit-based GST fraud demands require evidence of deliberate wrongdoing, with fresh determination and limitation affecting recovery across different y...
Non-woven fabric bag classification follows the textile intermediate, while GST proceedings require reasons, impartial notices and consistent treatmen...
Under section 17(4) of the West Bengal GST Act, banking companies and financial institutions, including non-banking financial companies, may opt to claim 50% of eligible input tax credit (ITC) through registrations supplying deposit, loan or advance services. Once one eligible registration opts in, all such registrations must comply; registrations not supplying those services cannot opt in. The exception to the 50% limit for same-PAN supplies applies only where both registrations have opted in. In GSTR-3B, non-business and blocked credit, and the balance after applying the 50% rule, must be permanently reversed. Temporarily ineligible credit may be reversed and reclaimed when conditions are met, subject to the statutory time limit. Where the invoice management system applies, invoices with currently ineligible credit that may become eligible must be kept pending. Different past reporting methods should not attract adverse treatment if the ITC claimed conforms to these principles.
Under section 17(4) of the West Bengal GST Act, banking companies and financial institutions, including non-banking financial companies, may opt to claim 50% of eligible input tax credit (ITC) through registrations supplying deposit, loan or advance services. Once one eligible registration opts in, all such registrations must comply; registrations not supplying those services cannot opt in. The exception to the 50% limit for same-PAN supplies applies only where both registrations have opted in. In GSTR-3B, non-business and blocked credit, and the balance after applying the 50% rule, must be permanently reversed. Temporarily ineligible credit may be reversed and reclaimed when conditions are met, subject to the statutory time limit. Where the invoice management system applies, invoices with currently ineligible credit that may become eligible must be kept pending. Different past reporting methods should not attract adverse treatment if the ITC claimed conforms to these principles.
Note: It is a system-generated summary and is for quick reference only.
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