Gst input on options trading

ITC / Input 218 views 2 replies

Hi

can we claim gst itc of gst paid on trading option? 

Replies (2)

It can be claimed but with certain conditions.

  1. usiness purpose: The trading option should be used for business purposes, not for personal or investment purposes.
  2.  Taxable supply:The option should be related to a taxable supply of goods or services.
  3. Invoice and payment: You should have an invoice and proof of payment for the GST charged on the trading option.
  4. Registration:You should  be registered under GST and have a valid GSTIN.
  5. hOWEVER, there are some exceptions and limitations.1.Speculative transactions,ITC is not allowed for speculative transactions like trading in options for speculative purposes.
  6. Non - business purposes: ITC is not allowed if the option is used for non-business purposes.
  7. Blocked credits: ITC may be blocked under certain circumstances, like if the option is related to exempt supplies.
  8. To claim ITC, you should: 1. Maintain records,2.File GSTR-3B, 3.Consult a tax expert.
If u have Broker for that only in that case itc can be claimed otherwise not possible


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register