https://www.taxtmi.com/acts?id=25440 Input tax credit is limited to the portion attributable to business or taxable supplies when goods or services are partly used for non-business or exempt purposes. The statute prescribes exempt supply valuation and lists blocked credits, including most motor vehicles, specified hospitality and personal services, works contracts and construction-related inputs for immovable property (other than plant and machinery), supplies by non-residents, personal consumption, losses, gifts, and taxes paid under certain recovery provisions. Banks and financial institutions may opt for a monthly fifty per cent allowance on eligible credits subject to conditions, and the Government may prescribe attribution methods; plant and machinery is narrowly defined. en-us Mon, 12 Jun 2017 10:57:09 +0530 Wed, 28 Jun 2017 13:12:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=25440 Input tax credit is limited to the portion attributable to business or taxable supplies when goods or services are partly used for non-business or exempt purposes. The statute prescribes exempt supply valuation and lists blocked credits, including most motor vehicles, specified hospitality and personal services, works contracts and construction-related inputs for immovable property (other than plant and machinery), supplies by non-residents, personal consumption, losses, gifts, and taxes paid under certain recovery provisions. Banks and financial institutions may opt for a monthly fifty per cent allowance on eligible credits subject to conditions, and the Government may prescribe attribution methods; plant and machinery is narrowly defined. Act-Rules GST - States Mon, 12 Jun 2017 10:57:09 +0530 https://www.taxtmi.com/acts?id=25440