https://www.taxtmi.com/article/detailed?id=8018 Section 17 prescribes that ITC is restricted to the portion attributable to business use or to taxable supplies (including zero-rated), with Rule 42 governing apportionment; banks and financial institutions may elect a monthly fifty percent claim mechanism subject to conditions. A statutory negative list blocks ITC for specified categories-notably motor vehicles and conveyances except when used for further taxable supply, passenger or goods transport, or training-and for hospitality services, club memberships, certain insurance and rent-a-cab services (with limited exceptions), works contracts and construction for own account, composition and most non-resident supplies, personal consumption, and losses or gifts, with prescribed reversal and capitalization rules. en-us Tue, 29 May 2018 06:48:38 +0530 Tue, 29 May 2018 06:48:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8018 Section 17 prescribes that ITC is restricted to the portion attributable to business use or to taxable supplies (including zero-rated), with Rule 42 governing apportionment; banks and financial institutions may elect a monthly fifty percent claim mechanism subject to conditions. A statutory negative list blocks ITC for specified categories-notably motor vehicles and conveyances except when used for further taxable supply, passenger or goods transport, or training-and for hospitality services, club memberships, certain insurance and rent-a-cab services (with limited exceptions), works contracts and construction for own account, composition and most non-resident supplies, personal consumption, and losses or gifts, with prescribed reversal and capitalization rules. Articles Goods and Services Tax - GST Tue, 29 May 2018 06:48:38 +0530 https://www.taxtmi.com/article/detailed?id=8018