Exempt Supply for Input Tax Credit under GST
Input Tax Credit
Notification will be issued w.e.f 25th January, 2018.
To provide in CGST rules that value of exempt supply under sub-section (2) of section 17, shall not include the value of deposits, loans or advances on which interest or discount is earned
(This will not apply to a banking company and a financial institution including a non-banking financial company engaged in providing services by way of extending deposits, loans or advances).
[25TH GST Council Meeting Decisions : ]
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