Gujarat AAAR Disallows ITC on Expenses Incurred for Buyback of Shares as Securities are Outside GST Purview


Last updated: 24 October 2025

Court :
Gujarat AAAR

Brief :
The Gujarat AAAR in Gujarat In the matter of M/s. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. [Advance Ruling Appeal No. GUJ/GAAAR/APPEAL/2025/17, order dated September 22, 2025] held that Input Tax Credit (ITC) is not admissible on expenses incurred for the buyback of shares, as shares being 'securities' do not qualify as goods or services under the GST law, and hence the transaction falls outside the ambit of GST.

Citation :
Advance Ruling Appeal No. GUJ/GAAAR/APPEAL/2025/17, order dated September 22, 2025

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Bimal Jain
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