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Co-operative society engaged in financing business qualifies as ‘financial institution’, eligible to avail 50% ITC

September 8, 2020[2020] 119 65 (AAR - KERALA)

GST : Assessee co-operative society, carrying on business of financing by accepting deposits and granting loans or advances, qualified to be a "financial institution" as per Reserve Bank of India Act, 1934 and consequently also under section 17(4) of CGST Act and, accordingly, assessee was eligible for availing option provided under section 17(4) which prescribes to avail an amount equal to 50 per cent of eligible credit of input tax on inputs, capital goods and input services in that month and rest shall lapse

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