https://www.taxtmi.com/acts?id=26633 Input tax credit is limited to the portion attributable to business or taxable supplies; exempt supplies (including reverse charge supplies, securities transactions and sale of land/building) are treated as prescribed for apportionment. Banks and financial institutions supplying deposit or loan services may elect a monthly limited-claim mechanism for eligible credit, binding for the financial year, with an exception for supplies between registrants sharing the same PAN. A detailed list of blocked credits is specified (vehicles, certain services and supplies, construction-related inputs excluding plant and machinery, composition-taxed supplies, non-resident receipts, personal consumption, losses/gifts, and certain tax recoveries), and the Government may prescribe attribution methods; "plant and machinery" receives a specific functional definition. en-us Wed, 21 Jun 2017 15:11:14 +0530 Mon, 10 Jul 2017 10:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=26633 Input tax credit is limited to the portion attributable to business or taxable supplies; exempt supplies (including reverse charge supplies, securities transactions and sale of land/building) are treated as prescribed for apportionment. Banks and financial institutions supplying deposit or loan services may elect a monthly limited-claim mechanism for eligible credit, binding for the financial year, with an exception for supplies between registrants sharing the same PAN. A detailed list of blocked credits is specified (vehicles, certain services and supplies, construction-related inputs excluding plant and machinery, composition-taxed supplies, non-resident receipts, personal consumption, losses/gifts, and certain tax recoveries), and the Government may prescribe attribution methods; "plant and machinery" receives a specific functional definition. Act-Rules GST - States Wed, 21 Jun 2017 15:11:14 +0530 https://www.taxtmi.com/acts?id=26633