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ITC ON BROKERAGE PAID TO STOCK BROKER
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?
Replies (5)
Not eligible; as outward supply is not 'in furtherance of business'
@ sheela, But trading in shares can also be a business activity. Inshort i am doing 2 business under same GSTIN.
did u show this trading as ur business income? ??
| Originally posted by : Ninad Taralekar | ||
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@ sheela, But trading in shares can also be a business activity. Inshort i am doing 2 business under same GSTIN. |  |
Yes, but you are not charging output GST while selling the shares. (its not supply under GST)
As a rule, the input credit is availvble only against output GST.
@ praveen, Yes sir, showing as business income
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