https://www.taxtmi.com/article/detailed?id=7939 The law treats interest on lending as exempt while other bank charges are taxable; where supplies are both taxable and exempt, input tax credit must be reversed by apportioning credits between exempt and taxable turnover. To reduce compliance burden, financial institutions may elect a simplified mechanism that allows claiming a fixed portion of eligible input tax credit for inputs, capital goods and services for the fiscal year, with the balance lapsing. The document queries whether inputs directly attributable to other taxable businesses carried on by the institution remain fully claimable or fall within the elective apportionment. en-us Thu, 29 Mar 2018 07:24:20 +0530 Thu, 29 Mar 2018 07:24:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7939 The law treats interest on lending as exempt while other bank charges are taxable; where supplies are both taxable and exempt, input tax credit must be reversed by apportioning credits between exempt and taxable turnover. To reduce compliance burden, financial institutions may elect a simplified mechanism that allows claiming a fixed portion of eligible input tax credit for inputs, capital goods and services for the fiscal year, with the balance lapsing. The document queries whether inputs directly attributable to other taxable businesses carried on by the institution remain fully claimable or fall within the elective apportionment. Articles Goods and Services Tax - GST Thu, 29 Mar 2018 07:24:20 +0530 https://www.taxtmi.com/article/detailed?id=7939