Case Law Details
In re M/s. National Dairy Development Board (GST AAR Gujarat)
Whether NDDB can be considered as financial institution for the purpose of availing credit to the extent of fifty per cent of input tax credit, as prescribed in Section 17 of CGST Act, 2017?
It would be seen that as per the activities performed by the applicant, narrated above, NDDB can be considered as a financial institution as they seem to be satisfying the requirement as provided in Section 45-I(C) of the RBI Act. Besides, NDDB is also declared as a ‘public of financial institution’ under the company Act vide Notification No. So 219 (E) dated 23.02.2004.
Considering above, we are of the view that NDDB can be considered as ‘financial institution’ for the purpose of availing credit to the extent of fifty per cent of input tax credit, as prescribed in Section 17 of CGST Act.
FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, GUJARAT
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