bank has taken input tax credit 50%
and remaining 50% input tax credit how to book in account what is process
As per section 17 CGST Act
4] A banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances shall have the option to either comply with the provisions of sub-section [2], or avail of, every month, an amount equal to fifty per cent. of the eligible input tax credit on inputs, capital goods and input services in that month and the rest shall lapse:
Hence can transfer 50% laps ITC to P&l Account.
CAclubindia
