Section 68
Section 68 of the Bihar Goods and Services Tax Act, 2017. Substituted for the Words "except those specified in paragraph 5 of the said Schedule" by The Bihar Goods and Services Tax (Amendment) Act, 2023 (Bihar Act no.
Substituted for the Words "except those specified in paragraph 5 of the said Schedule" by The Bihar Goods and Services Tax (Amendment) Act, 2023 (Bihar Act no. 12 of 2023) vide Notification No. 604 Dated 25th July, 2023. Compiled by Commercial Taxes Department, Bihar in Association with National Law Book Publications, Ghaziabad (4) 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 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Provided that the option once exercised shall not be withdrawn during the remaining part of the financial year: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 respect 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 following 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 maintenance in so far as they relate to motor vehicle, vessels or aircraft 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 specified therein;
(ii) where received by a taxable person engaged- (I) in the manufacture of such motor vehicles, vessels or aircraft; or
Section 68, The Bihar Goods and Services Tax Act, 2017 (Act 12 of 2017).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Made under this section, and citing it
3 instruments state that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.
Another 2 instruments name this provision in its title or its text without being made under it.
Questions about Section 68
How do I find court cases under Section 68 of the Bihar Goods and Services Tax Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Bihar Goods and Services Tax Act 68, section 68 Bihar Goods and Services Tax Act, section 68 of the Bihar Goods and Services Tax Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 68 of the Bihar Goods and Services Tax Act, and has it changed?
Its own text turns on section 16, section 18, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it. The rules and notifications made under it are where it actually bites, and there are 3: most recently S.O. 142, dated 3rd February 2018 (2018), then S.O. 160, dated 27th March 2018 (2018), and 1 more.
When was the Bihar Goods and Services Tax Act enacted?
Bihar Goods and Services Tax Act was enacted in 2017 as Act 12 of 2017. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Read from the Government's own scanned gazette with Azure Document Intelligence, then split into sections by their numbering. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/f974bd0f-6917-411d-b94d-973d638aa448.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/fff599ef-2dc0-4d2d-af5d-d0715d4aa86b/content). This page is not a substitute for legal advice.