https://www.taxtmi.com/caselaws?id=397575 A co-operative society engaged in accepting deposits and extending loans or advances qualifies as a financial institution for GST credit purposes because the relevant definition is drawn from the RBI Act, 1934 and includes a non-banking institution. On that basis, the applicant fell within the class of suppliers eligible for the special credit regime under section 17(4). As it made both taxable services and exempt supplies from its financing activities and satisfied the statutory conditions, it could opt for fifty per cent of eligible input tax credit instead of the proportionate reversal mechanism under section 17(2). en-us Wed, 20 May 2020 00:00:00 +0530 Wed, 19 Mar 2025 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397575 A co-operative society engaged in accepting deposits and extending loans or advances qualifies as a financial institution for GST credit purposes because the relevant definition is drawn from the RBI Act, 1934 and includes a non-banking institution. On that basis, the applicant fell within the class of suppliers eligible for the special credit regime under section 17(4). As it made both taxable services and exempt supplies from its financing activities and satisfied the statutory conditions, it could opt for fifty per cent of eligible input tax credit instead of the proportionate reversal mechanism under section 17(2). Case-Laws GST Wed, 20 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397575