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Claiming ITC on Share Market Transactions

ITC / Input 507 views 2 replies

Mohit Chaudhary

Student

142 Points Joined April 2017

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.

Replies (2)

Akshay Jain

Tax Consultant

1024 Points Joined February 2018

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

Uttam

employee

814 Points Joined August 2011

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.