A banking company or a financialinstitution, including a non-banking financial company, engaged in the supply of services by way of accepting deposits or extending loans or advances that choosesnotto comply with the provisions of sub-section (2) of section 17, in accordance with the option permitted under sub-section (4) of that section, shall follow the following procedure, namely,-
(a) the said companyorinstitution shall not avail the credit of,-
(i) the tax paid on inputs and. input services that are used for non-business purposes; and
(ii) the credit attributable to the supplies specified in sub-section (5) of section 17, in FORM GSTR-2;
(b) the said company orinstitution shall avail the credit of tax paid on inputs and input services referred to in the second proviso to sub-section (4) of section 17 and not covered underclause (a);
(c) fifty per cent. of the remaining amount of input tax shall be the input tax credit admissible to the companyortheinstitution and shal] be furnished in FORM GSTR-2;
634 (7) 634 (8) Hee waa, feat 30 Vt 2017
(d) the amount referred to in clauses (b) and (c) shall, subject to the provisions of sections 41, 42 and 43, be credited to the electronic credit ledger of the said company or che institution.