Applicant is eligible to avail an amount equal to 50% of eligible credit of input tax on inputs & capital goods

Applicant is eligible to avail an amount equal to 50% of eligible credit of input tax on inputs & capital goods

THE AUTHORITY FOR ADVANCE RULING

The Question and Ruling as follows : 1. Whether the applicant is considered as a financial institution as envisaged under Section 17(4) of the CGST Act. Ans. Yes. 2. Whether the applicant is eligible for availing the option provided under Section 17(4) of the CGST Act which prescribes to avail an amount equal to 50% of eligible credit of input tax, on inputs, capital goods and input services in that month and the rest shall lapse. Ans. Yes.