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M/S. THE KNANAYA MULTI PURPOSE CO-OPERATIVE CREDIT SOCIETY LTD.
(Authority for Advance Ruling, Kerala)

Hon'ble Judges:

SIVAPRASAD .S
B.S. THYAGARAJABABU
Pet. Counsel
K.g. Viiavachandran
Res. Counsel
Na

Petitioner / Applicant

M/S. THE KNANAYA MULTI PURPOSE CO-OPERATIVE CREDIT SOCIETY LTD.
Respondent NA
Court

AAR (Authority for Advance Ruling)

State

Kerala

Date May 20, 2020
Order No.

KER/91/2020

Citation

2020(5) TAXREPLY 3241
Original Order
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ORDER

1. M/s. The Knanaya Multi Purpose Co-operative Credit Society Ltd (hereinafter referred to as the “applicant”) is a Co-operative society registered with the Central Registrar of Co-operative Societies engaged in the business of accepting deposits and granting loans and advances. The applicant is engaged in provision of both taxable as well as non-taxable services and are availing input tax credit as per provisions of Section 17(2) of the CGST/SGST Act. It is stated that the applicant is categorized as a financial institution as per Section 45-I(c) and 45-I(e) of RBI Act, 1934. 2. The applicant has sought advance ruling on the following: i. Whether the applicant is considered as a financial institution as envisaged under 17(4) of the CGST Act. ii. Whether the applicant is eligible for availing the option provided under Section 17(4) of the CGST Act which prescribes to avail an amount equal to 50% of eligible credit of input tax on inputs, capital goods and inp....

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