https://www.taxtmi.com/acts?id=25780 Input tax credit is restricted to the portion attributable to business use and to taxable supplies when inputs serve both taxable and exempt activities; exempt supplies are prescribed and include reverse-charge supplies, securities transactions, and sale of land or certain buildings. Banks and financial institutions may opt for the taxable-vs-exempt apportionment or a monthly option permitting a fixed portion of eligible credit with the remainder lapsing, subject to an irrevocable financial-year option and an intra-group exception. The Act enumerates specific blocked credits and empowers the Government to prescribe attribution methods, while defining "plant and machinery." en-us Sat, 17 Jun 2017 11:14:53 +0530 Fri, 28 Jul 2017 14:28:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=25780 Input tax credit is restricted to the portion attributable to business use and to taxable supplies when inputs serve both taxable and exempt activities; exempt supplies are prescribed and include reverse-charge supplies, securities transactions, and sale of land or certain buildings. Banks and financial institutions may opt for the taxable-vs-exempt apportionment or a monthly option permitting a fixed portion of eligible credit with the remainder lapsing, subject to an irrevocable financial-year option and an intra-group exception. The Act enumerates specific blocked credits and empowers the Government to prescribe attribution methods, while defining "plant and machinery." Act-Rules GST - States Sat, 17 Jun 2017 11:14:53 +0530 https://www.taxtmi.com/acts?id=25780