Page 107 - GSTL_23rd July 2020_Vol 38_Part 4

2020 ] IN RE : NAVBHARAT LPG BOTTLING COMPANY 473
(4) A banking company or a financial institution including a non-banking
financial company, engaged in supplying services by way of accepting de-
posits, extending loans or advances shall have the option to either comply
with the provisions of sub-section (2), or avail of, every month, an amount
equal to fifty per cent. of the eligible input tax credit on inputs, capital
goods and input services in that month and the rest shall lapse :
Provided that the option once exercised shall not be withdrawn during the
remaining part of the financial year :
Provided further that the restriction of fifty per cent. shall not apply to the
tax paid on supplies made by one registered person to another registered
person having the same Permanent Account Number.
(5) Notwithstanding anything contained in sub-section (1) of section 16
and sub-section (1) of section 18, input tax credit shall not be available in re-
spect of the following, namely :-
(a) motor vehicles for transportation of persons having approved
seating capacity of not more than thirteen persons (including
the driver), except when they are used for making the follow-
ing taxable supplies, namely :-
(A) further supply of such motor vehicles; or
(B) transportation of passengers; or
(C) imparting training on driving such motor vehicles;
(aa) vessels and aircraft except when they are used -
(i) for making the following taxable supplies, namely :-
(A) further supply of such vessels or aircraft; or
(B) transportation of passengers; or
(C) imparting training on navigating such vessels; or
(D) imparting training on flying such aircraft;
(ii) for transportation of goods
(ab) services of general insurance, servicing, repair and mainte-
nance in so far as they relate to motor vehicles, vessels or air-
craft referred to in clause (a) or clause (aa) :
Provided that the input tax credit in respect of such services
shall be available -
(i) where the motor vehicles, vessels or aircraft referred to in
clause (a) or clause (aa) are used for the purposes speci-
fied therein;
(ii) where received by a taxable person engaged -
(I) in the manufacture of such motor vehicles, ves-
sels or aircraft; or
(II) in the supply of general insurance services in re-
spect of such motor vehicles, vessels or aircraft
insured by him;
(b) the following supply of goods or services or both -
(i) food and beverages, outdoor catering, beauty treatment,
health services, cosmetic and plastic surgery, leasing,
renting or hiring of motor vehicles, vessels or aircraft re-
ferred to in clause (a) or clause (aa) except when used for
GST LAW TIMES  23rd July 2020  107