TaxTMI 
TaxTMI 
ITC by Financial Institutions Section 17(4)
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....TC by Financial Institutions Section 17(4) <br> Query (Issue) Started By: - Anshul Dated:- 18-9-2025 Goods and Services Tax - GST <br> Got 2 Replies <br> GST<br> <br> A financial institution has optio....
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....n to reverse 50% ITC under Section 17(4) as per Rule 38 instead of proportionate reversal under Section 17(2) as per Rule 42. If it has not made reversal and was later pointed out by the department, t....
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....hen can it exercise option given in 17(4) or has to reverse as per Section 17(2) Rule 42 only ? --Reply By: Sadanand Bulbule The Reply: If no reversal was made and department points it out later, t....
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....he financial institution cannot retrospectively opt for Section 17[4]. It will likely have to follow Section 17[2] & Rule 42 for that past period. The option under Section 17[4] is prospective&n....
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....bsp;and has to be applied consistently from the start of the financial year. --Reply By: Shilpi Jain The Reply: There is no requirement in the law to intimate what option is chosen by the assessee.....
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.... Hence, now they are still free to chose any option they wish to. You can chose the 50% option. There would be supporting cases for this principle under the CENVAT regime. <br>***<br> ....
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