The Knanaya Multi Purpose Co-operative Credit Society Ltd. ., In re
Date: May 20, 2020
Subject Matter
Co-operative Credit Society Ltd eligible for 50% of eligible credit of input tax, on inputs, capital goods and input services u/s 17(4)
Summary
i. Whether the applicant is considered as a financial institution as envisaged under Section 17(4) of the CGST Act. Yes. ii. Whether the applicant is eligible for availing the option provided under Section 17(4) of the CGST Act which prescribes to av…
1. M/s. The Knanaya Multi Purpose Co-operative Credit Society Ltd (hereinafter referred to as the “applicant”) is a Co-operative society registered with the Central Registrar of Co-operative Societies engaged in the business of accepting deposits and granting loans and advances. The applicant is engaged in provision of both taxable as well as non-taxable services and are availing input…