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ITC ON BROKERAGE PAID TO STOCK BROKER

25 April 2019

Dealer is registered under GST & doing business of chemicals. Also he is trading in shares on which he needs to pay brokerage which suffers GST. Can i claim ITC of GST paid on brokerage & adjust against liability payable for Chemical business?

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5 Replies

sheela More (student) (333 Points)
Replied 25 April 2019

Not eligible; as outward supply is not 'in furtherance of business'

3 Like

Ninad Taralekar (83 Points)
Replied 25 April 2019

@ sheela, But trading in shares can also be a business activity. Inshort i am doing 2 business under same GSTIN.

1 Like

praveen (intermediate) (298 Points)
Replied 25 April 2019

did u show this trading as ur business income? ??

sheela More (student) (333 Points)
Replied 25 April 2019

Originally posted by : Ninad Taralekar
	@ sheela, But trading in shares can also be a business activity. Inshort i am doing 2 business under same GSTIN.