Can We avail ITC on Bank Charges, Goods and Services Tax - GST

[Sangeetha D]

Can We Avail input tax credit on Bank Charges. Some GST officer saying we should not avail ITC on Bank Charges. Is that Blocked Credit or any specific condition to Avail Bank Charges ITC

Posts / Replies

[mia alexandra]

To claim ITC on bank charges, ensure you have valid tax invoices from the bank, verify that the bank has paid the GST to the government, receive the banking services, and file your GST returns (GSTR-3B) timely. Accurate  Spacebar clicker    documentation and timely payment of these charges are crucial for eligibility. If you have no idea what that means, don't fret – you're not alone, this isn't everyday jargon we're playing with here. Input-taxed fees mean a business or corporation cannot charge GST on fees, goods, or services, or claim GST back on their own business purchases.

[Sadanand Bulbule]

ITC on bank charges is not blocked under Section 17, but it is subject to the compliance of parameters of Section 16.

[Sangeetha D]

For Bank Charges what is a valid Invoice to Claim ITC. There a small small ITC Values on Bank Charges. how to get Invoice for that.