Gst
This query is : Resolved
Ashit Parikh
(Querist)
06 October 2017
I am trader in stock exchange (buying and selling share )I pay gst on brokerage paid to broker for buying and selling of shares and I am also doing investment consultant for which I received payment ,my question is can I get gst levied on consultancy income be set off against gst paid on brokerage for trading in shares ?
Thank you,
Ashit Parikh
Thank you,
Ashit Parikh
Udaya Chandran
(Expert)
06 October 2017
Yes, you can set off the input against the GST on your consultancy income.
CA Rashmi Gandhi
(Expert)
06 October 2017
Yes you can do so....
As same is for your business...
31 October 2026
GST on brokerage for buying and selling shares is attributable to trading in securities, which is treated as an exempt supply for ITC purposes (valued at 1% of sale value of securities), so that credit is blocked under Sec 17(2) and cannot be set off against GST on consultancy income; only ITC on common inputs, after Rule 42 apportionment, and inputs exclusively for consultancy is available.
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