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Eligibility of Input tax credit, Goods and Services Tax - GST |
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Eligibility of Input tax credit |
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XYZ, a Company is registered person as trader of goods under GST. It invests some of its funds in Mutual Fund. At the time of sale of MF, it pays GST on bill of Share broker of Mutual Fund. Is the company eligible to take credit of the same more particularly when the Services by way of extending deposits, loans or advances etc. has been exempt from GST. Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
You are not eligible to take credit.
Sir, Can you elaborate a little more quoting section/rule which prohibits.
Sir, In this regards, Investment in mutual funds (Securities) and bill raised by stock broker is not eligible for ITC, Please refer Section 17(3) of CGST Act,2017. Further, Services by way of extending loans, deposits or advances cannot be classified under stock broking services. This is my point of view. Thanks Page: 1 Old Query - New Comments are closed. |
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