Sumit Upadhyay
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Can we claim ITC on bank charges?

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Can we claim ITC on bank charges?
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  1. Yes, you can claim ITC on bank charges if they are towards your business transactions. A statement issued by the bank can be treated as an invoice for tax. Also, you must be accordingly eligible to claim the input tax credit, based on a statement issued by the bank, as long as it contains all the particulars prescribed, including your GST registration number.
    However, you must ensure that the conditions laid down under section 16 and 17 of the Central GST Act, 2017 are met in your particular case while you make your claim.

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