QIP Service ITC Available for Debt Repayment, Not Subsidiary Investment: AAAR Haryana

In re RHI Magnesita India Limited (GST AAAR Haryana) The appeal arose from an Advance Ruling issued by the Haryana Authority for Advance Ruling (AAR), which had held that input tax credit (ITC) was not available on services procured in connection with a Qualified Institutional Placement (QIP). The appellant challenged this finding before the Haryana Appellate Authority for Advance Ruling (AAAR). The appellant, a registered taxpayer engaged in the manufacturing and marketing of specialty refractory products, had undertaken a Qualified Institutional Placement (QIP) in accordance with the applica...