ITC on the Basis of use of inputs- Sec17 :
“input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business
“input service” means any service used or intended to be used by a supplier in the course or furtherance of business
Alternative to apportionment between taxable and exempt supplies in case of banking companies and financial institutions:
- Yearly option to avail a standard rate of 50% of eligible ITC on inputs, capital goods and input services on a monthly basis
- 50% shall not be applied on tax paid on supplies made by one registered person to another registered person having same PAN