AAR : National Dairy Development Board, a ‘financial institution’; Can avail 50% ITC

Gujarat AAR considers National Dairy Development Board (NDDB) as ‘Financial Institution’ for allowing input tax credit u/s 17(4) of CGST Act, 2017 and the Gujarat GST Act, 2017; On perusing NDDB Act 1987, finds that NDDB can undertake activity of financing including lending and borrowing money solely to dairy co-operatives as is done by a banking company or a financial institution in general parlance; Refers to definition of term 'financial institution' u/s 13(8)(c) ...