A person borrows money from another person and invest the same in shares and return the money and get commission..whether the transaction covered under gst?? if yes what will be the SAC code ....
Thanks in advance
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Gst on financial transactions
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Quick Summary
Plz clarify on what he is earning Commission
I borrow rs 1 lakhs invest in shares and get Rs 1.5 lakhs ..now am repaying rs 1.2 lakhs balance 30 k is my profit..whether GST applicable??
As per your contact note GST suffered already
Can u explain briefly
The query is not clear
You may go through your contract note which is generated by your broker
there are 2 transaction:
1. interest is paid on loan - YOU ARE NOT REQUIRED TO PAY GST.
2. SALE OF SHARES ARE OUT OF PURVIEW OF GST , HENCE NO GST.
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