Section 17(4) Clarifies Banking Sector ITC Rules

    Written byVIDUR
    Published
    Central Bank of India building entrance

    CBIC clarifies when banking companies and financial institutions, including NBFCs, may or must apply the 50% ITC apportionment option under Section 17(4).

    The circular also explains the same-PAN proviso and the treatment and reporting of ITC in GSTR-3B, including through the Invoice Management System.