As per Section 17 of CGST Act, 2017, for banking companies using inputs and input services partly for taxable supplies and partly for exempt supplies, which of the following statement is true ?

CS Executive · Tax Laws · PYQS · June 2022
As per Section 17 of CGST Act, 2017, for banking companies using inputs and input services partly for taxable supplies and partly for exempt supplies, which of the following statement is true ?
(A) ITC shall be compulsorily restricted to credit attributable to taxable supplies including zero rated supplies
(B) 50% of eligible ITC on inputs, Capital goods and input service shall be mandatorily taken in a month and rest shall lapse
(C) Either (a) or (b) at the option of banking company
(D) None of the above

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: GST

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