AAR: Co-operative Society, carrying business of financing, qualifies as ‘financial institution’, eligible to avail 50% ITC

Kerala AAR holds that the Applicant, a financial institution is eligible to claim ITC as per option available under section 17(4) of CGST/SGST Act; Notes that the Applicant is a co-operative society categorized as a financial institution as per section 45-I(c) and 45-I(e) of RBI Act, engaged in the business of accepting deposits and granting loans and advances, providing both taxable as well as non-taxable services and availing ITC as per Section 17(2) of CGST Act; Notes that...