https://www.taxtmi.com/acts?id=23153 Input tax credit must be apportioned to the extent inputs are used for business and for taxable supplies (including zero rated), with exempt supplies (including reverse charge supplies) excluded; banking and financial institutions may elect a monthly simplified attribution mechanism for a financial year. Specific categories are blocked from credit, notably most motor vehicles except where used for further supply or transportation of goods or passengers, certain personal and welfare services unless used to make outward supplies of the same category or notified as employer obligatory, works contracts and construction of immovable property other than plant and machinery, supplies taxed under section 9, personal consumption, lost or gifted goods, and taxes paid under specified provisions. Government may prescribe attribution methodology. en-us Mon, 28 Nov 2016 11:11:54 +0530 Mon, 28 Nov 2016 15:54:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=23153 Input tax credit must be apportioned to the extent inputs are used for business and for taxable supplies (including zero rated), with exempt supplies (including reverse charge supplies) excluded; banking and financial institutions may elect a monthly simplified attribution mechanism for a financial year. Specific categories are blocked from credit, notably most motor vehicles except where used for further supply or transportation of goods or passengers, certain personal and welfare services unless used to make outward supplies of the same category or notified as employer obligatory, works contracts and construction of immovable property other than plant and machinery, supplies taxed under section 9, personal consumption, lost or gifted goods, and taxes paid under specified provisions. Government may prescribe attribution methodology. Act-Rules Bill Mon, 28 Nov 2016 11:11:54 +0530 https://www.taxtmi.com/acts?id=23153