GST CREDIT

This query is : Resolved 
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This discussion clarifies whether GST paid on Securities Transaction Tax (STT) for share trading businesses can be claimed as an expense in the Profit & Loss account or as an Input Tax Credit (ITC). The consensus is that STT is not an allowable business expense and GST paid on it is not eligible for ITC, as these transactions are not considered to be in furtherance of business.

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(Querist)
19 May 2020 Assess is engaged in Electronics( trading )business ,He purchases shares & paid gst on STT .

My query is that


1. can Assessee claim STT as Expenses & charged to P&L
A/C &

2.Can he take ITC (GST PAID ON STT ). Pls help
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 May 2020 1 STT can't be charged as expenses to P&L.
2 ITC can't be taken on GST paid on STT.
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Gokul Sharma

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Gokul Sharma (Expert)
20 May 2020 YES THESE TRANSECTION ARE NOT IN FURTHERANCE OF BUSINESS........
NOT ALLOWED TO CHARGE IN P&L AND ITC ALSO NOT AVAILABLE.
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