Input Tax Credit Not Available for Share Buyback Expenditure Under GST as Securities Fall Outside Supply Definition

Input Tax Credit Not Available for Share Buyback Expenditure Under GST as Securities Fall Outside Supply DefinitionCase-LawsGSTThe AAR ruled that a listed entity is not eligible to avail Input Tax Credit (ITC) on expenditure incurred for buyback of its sh

Input Tax Credit Not Available for Share Buyback Expenditure Under GST as Securities Fall Outside Supply Definition
Case-Laws
GST
The AAR ruled that a listed entity is not eligible to avail Input Tax Credit (ITC) on expenditure incurred for buyback of its shares. The authority determined that buyback of shares is neither a supply of goods nor services, as “securities” are explicitly excluded from both definitions under CGST Act. Since section 16(1) permits ITC only on supply of goods or

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