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Gst on sharing of profit under joint venture agreement

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2018 Dear Sir/Madam

Please advise, GST is applicable or not for both parties for sharing of Profit/Loss as per the joint venture agreement.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 February 2018 GST not applicable on sharing of profit. Only income tax applicable on such profit.
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2018 Sir Please confirm the relevant section under GST Act for exemption of Sharing of profit/loss under Joint Venture Agreement.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 February 2018 Sharing of profit will not fall under the defenition of sales or service under GST.

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