I trade in goods so I have applied for GST Number and now I have started trading into Share markets.
So my query is that can I provide my GST Number into my saving a/c where I get charged for Trading share markets( as this my new business to earn money) and claim for the GST on share market transactions.
please help with the query as early as possible.
Menu
Claiming ITC on Share Market Transactions
Replies (2)
Dear sir, as this is your different businesses and on shares there is no GST so you can't claime this bank GST in your other businesses
You have to follow section 17(2) and do not take ITC related to share market business.
Further you also have to do reversal of common ITC as per Rule 42 of cgst rules as you are dealing in exempted business of share trade.
Your exempted turnover for shares would be 1% of total sales of shares as per Explanation (b) given under Rule 45 applicable for ITC chapter.
Further you also have to do reversal of common ITC as per Rule 42 of cgst rules as you are dealing in exempted business of share trade.
Your exempted turnover for shares would be 1% of total sales of shares as per Explanation (b) given under Rule 45 applicable for ITC chapter.
Recent Topic
- Forward tax charge gst related
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
Related Topics
CAclubindia
