https://www.taxtmi.com/article/detailed?id=9448 A person qualifying as a financial institution and engaged in supplying services by way of accepting deposits or extending loans or advances may either follow ordinary apportionment for mixed taxable and exempt supplies or elect a monthly partial credit option to claim a fixed portion of eligible input tax credit with the balance lapsing; the election is irrevocable for the remainder of the financial year. The statutory definition of financial institution is adopted from the Reserve Bank of India Act and includes specified non banking financing activities. en-us Wed, 02 Sep 2020 10:10:55 +0530 Wed, 02 Sep 2020 10:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9448 A person qualifying as a financial institution and engaged in supplying services by way of accepting deposits or extending loans or advances may either follow ordinary apportionment for mixed taxable and exempt supplies or elect a monthly partial credit option to claim a fixed portion of eligible input tax credit with the balance lapsing; the election is irrevocable for the remainder of the financial year. The statutory definition of financial institution is adopted from the Reserve Bank of India Act and includes specified non banking financing activities. Articles Goods and Services Tax - GST Wed, 02 Sep 2020 10:10:55 +0530 https://www.taxtmi.com/article/detailed?id=9448