REGARDING ITC ON MERCHANT SHARE FEE EXPENSE.
This query is : Open
Quick Summary
03 February 2021
CAN ITC BE CLAIMED OF MERCHANT SHARE FEE EXPENSE PAID TO BHARAT PETRO CORPORATION LTD.??
03 February 2021
Yes, ITC can be claimed if it's related to business promotion.
03 February 2021
No, as same is used for petroleum which is non GST Supply. Read Sec 17(3) which provide for disallowance of supplies used for non Gst supply.
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