As per the Tax Invoice, Credit and Debit Note Rules, an insurer, banking company or financial institution or non-banking company are exempted from serial numbering & address of the recipient to be shown on tax invoice or any other document issued physically or electronically to the customers for the service charges levied for services but it should contain all other information required to be shown on the tax invoice.
GST Tip – 175
Input tax credit with respect to a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances have an option to claim only 50% of the GST taxes paid as Input Tax Credit. Alternatively, they can avail input tax credit to the extent excluding the services used for exempted and zero rated supplies.
GST Tip – 173
In the revised Invoice Rules, the time limit for issue of tax invoice is given as 30 days from the date of supply of service and in the case of an insurer or a banking company or a financial institution, including a non-banking financial company, the time limit is 45 days from the supply of service.
GST Tip – 104
Table 11 of GSTR – 2 will show the invoices for which input tax credit has been taken partially in the previous returns. This is for capital goods where 100% credit is not available like telecom towers, pipe lines or in banking, financial institution or non-banking financial company. The balance credit is auto-populated based on the tax invoice number selected.
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