GST was made applicable from July 1, 2017 to all the persons making the taxable supply of goods and services wherein the aggregate turnover in financial year exceeds the threshold limit of 40 lakhs rupees (10 lakhs in other states).
Sec 17 of CGST Act, 2017 tells us about the apportionment of credit & blocked credit under GST. A registered person shall be eligible for apportionment of credits of goods & services in the following manner:
- Input shall be restricted to the use by business partly for business and partly for others.
- Input shall be restricted for the taxable &